The developers of the American Dream mall, a $5 billion project located in the Meadowlands, have filed court documents claiming they have overpaid East Rutherford by $183 million in property tax payments. They are seeking a refund from the borough.
Since its opening in 2019, Ameream, the developers behind American Dream, have consistently appealed the property's tax value each year. This pattern began just before the onset of the COVID-19 pandemic.
Recent documents released on November 21 reveal details about the extent of alleged overpayments to East Rutherford. The mall's construction was supported by more than $1 billion in state and local subsidies.
"This is a property tax appeal," stated Marc Pfeiffer, an expert in municipal finance and assistant director at Rutgers University's Bloustein Local Government Research Center. He explained that it essentially concerns "what is the calculation for square footage."
