American Dream, the $3.5-million-square-foot mega entertainment and retail center in East Rutherford, got another major victory court victory last week when a N.J. Tax Court dramatically lowered its assessed value by $850 million following an appeal by the development’s landlord, Triple Five Group.
The ruling, by Judge Michael Gilmore lowers the assessed property value of the complex down to about $1.65 billion from $2.5 billion.
This comes after the assessment for the 2025 tax year had already been cut in March, when the borough of East Rutherford dropped it by $800 million from $3.3 billion to $2.5 billion.
The assessment of the property, which cost an estimated $5 billion to build (and it’s still not complete), has been an issue since American Dream opened in 2019 – or right before the pandemic.
American Dream, which includes retail stores of all levels, is perhaps best known for its entertainment options – including an indoor amusement park, water park and ski slope.
In a prior tax dispute, Triple Five Group has questioned why it was being assessed at greater values than the combined total of many other large and notable shopping and entertainment outlets in the state, including The Mall at Short Hills, Westfield Garden State Plaza, the Willowbrook Mall, The Shops at Riverside and Six Flags Adventure.
The megamall recently received rave reviews during the Club World Cup – and figures to serve as a FanFest of sorts during the 2026 World Cup next summer.
