The total taxable value of Rahway properties grew last year by $4.5 million, or 0.32 percent, with the industrial class inching up for the first time in years while residential assessments increased their share of assessments to a recent high of almost 68 percent of the city’s value.

Become a Patron of RahwayRising.com

The data come from the 2020 Union County Abstract of Ratables (accessible here), which breaks down all aspects of property assessments for all 21 municipalities in the county.

The $4.5-million in crease in total assessed value of the city increased the overall value from $1.431 billion to $1.435 billion.

Here’s a breakdown of the year-over-year change, with 2019 and 2020 assessments by class, for Rahway:

• Class 1 Vacant, $12.72 million to $14.225 million — +$1.498 million / 11.78 percent;
• Class 2 Residential, $971.63 million to $975.34 million — +$3.712 million / +0.38 percent;
• Class 4A Commercial, $129.481 million to $127.167 million — -$2.314 million / -1.79 percent;
• Class 4B Industrial, $249.712 million to $250.1115 million — +$403,600 / +0.16 percent; and,
• Class 4C Apartment, $67.738 million to $68.948 million — +$1.209 million / +1.79 percent.

Vacant land had the largest percentage increase (almost 12 percent) but it’s also the smallest class among the five, so a percentage would likely change more dramatically than others. The year-over-year increase in vacant land could be a result of subdivisions or buildings that were razed, perhaps in the case of foreclosed or vacant homes. The $14.225 million total in vacant land for 2020 — and the 0.99 percent of the city’s overall assessment — is the highest since I’ve been tracking the Abstract of Ratables going back to 2005.

Commercial properties saw the largest dip among those classes, down almost 2 percent, from $129.4 million to $127.1 million, a difference of about $2.3 million.

The assessment of Industrial class rebounded from $249.7 million — a historically low total — to break $250 million at $250.11 million. That’s up only 0.16 percent year-over-year but in recent years, the industrial class has been in free fall. Compared to five years ago, it’s down more than 15 percent from $288.4 million, and 10 years ago it was twice the assessment, at a recent high of $373.4 million.

Here’s a table breaking down all the categories mentioned above:

If you enjoyed this post, please consider supporting RahwayRising.com by becoming a Patron.