Mansion owner fights $21 million assessment
Moorestown, New Jersey, United States
Vernon Hill, the founder and former CEO of Commerce Bank, is fighting the $21 million assessment that the Mooretown’s tax assessor gave his mansion. The 55,000 square foot mansion sits on 44-acres and is reportedly the largest private home in New Jersey. The grounds include cascading granite waterfalls, a sculpture garden, and reflecting pools. CNBC reports that Hill’s attorneys said the value is closer to $10.1 million and therefore should be subject to lower taxes.
The mansion is also said to have a two-storey ‘Lemon Room’ worth $2.9 million which is filled with lemon trees overlooking the manicured grounds. CNBC also reports that a tax judge disagreed with Hill’s lower assessment , and ruled that his mansion is actually worth $34 million. Since the township didn’t file a counterclaim to change the assessment, Hill will only have to pay the taxes on the original assessment of $21 million which will run him $394,000.