January 23,2012 (Harrison, NJ) Judge Christine Nugent of the New Jersey Tax Court rendered an oral opinion that the Red Bulls must pay property taxes to the Town of Harrison. The Red Bulls had contended that they owed no property taxes to the Town of Harrison because they did not own the land upon which the Red Bulls stadium stands.

Earlier this year, ratings bureau Moody's had lowered the Town of Harrison's credit rating five levels to Ba3 because the Red Bulls had appealed their property tax assessment and the town was facing debt payments on bond payments which it had no new source of income to make payments from. Since the downgrade, the Town has managed to have developers move forward with projects including the Harrison Station Apartment which began renting in September 2011.



A representative of Moody's told a reporter from Bloomberg Business Week that they were aware of the Judge's Decision and were analyzing the impact.

Although town officials welcomed the good news representing 3.1 million in additional revenue to the town if an added assessment in 2010 and the property taxes for 2011 are paid as billed. The Red Bulls however are not going down without a fight. The Red Bulls attorney, Thomas Denitzio from the law firm of Greenbaum, Rowe, Smith & Davis, after hearing the Judge decision rendered in open court on the record stated that the Red Bulls would seek review in the Appellate Division.