T
riple Five Group, the developer behind New Jersey's American Dream megamall, is now taking a more aggressive stance in its disputes with East Rutherford. The company is seeking a refund of $183 million in taxes it claims were overpaid to the borough. This move comes as Triple Five appeals the property tax value of the mall, which sits on state-owned land valued at over $3 billion.

    The dispute centers around the assessment of the land, with Triple Five arguing that its worth is significantly lower than the current valuation. However, East Rutherford Mayor Jeffrey Lahullier claims that the company's goal is to minimize payments in lieu of taxes (PILOTs). According to court documents, PILOT agreements prohibit refunds or similar arrangements.

    Despite this, Triple Five is pushing forward with its appeal, citing a lack of comparable assessments for other New Jersey properties. The mall has seen improved financial performance in recent quarters, with sales growth and rising occupancy rates. As of July, the mall was 87% leased. However, the company still faces various challenges, including lawsuits from lenders and bondholders waiting to recoup their investment in municipal bonds.