American Dream mall says East Rutherford owes it $183M. Here’s why

December 3, 2024

The developers behind American Dream — a $5 billion megamall in the Meadowlands — are arguing in court records that they have overpaid the borough of East Rutherford by $183 million in negotiated property tax payments and are entitled to a refund.

American Dream’s appeal of the property tax value is nothing new. The mall’s developers, Ameream, have filed appeals every year since opening in 2019, just before the COVID-19 pandemic.

But the latest documents, made public on Nov. 21, detail the extent to which the mall says it overpaid the borough. The mall was built using more than $1 billion in state and local subsidies…

“This is a property tax appeal,” said Marc Pfeiffer, a municipal finance expert and assistant director at the Bloustein Local Government Research Center at Rutgers University. It boils down to “what is the calculation for square footage.”

Northjersey.com, December 3, 2024

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