A downtown high-rise building would have its 50-year tax abatement agreement extended another five years under a resolution to come before City Council tonight.
Category Archives: taxes
City Council to vote new on PILOT agreement
City Council is scheduled to approve a Payment In Lieu of Taxes (PILOT) agreement that would generate more than $26 million over 30 years for a proposed 292-unit mixed use complex across the river from downtown.
Continue reading City Council to vote new on PILOT agreement
City Council adopts municipal budget
City Council unanimously adopted the 2022 municipal budget during a special meeting held via Zoom on July 28 that’s expected to decrease the municipal portion of property taxes by about $3 on the average home.
Abstract of Ratables, 2021
The city’s total assessed value inched up again last year for the second year in a row, led by a nearly 3% increase in assessed value of Class 4C Apartment.
A recap of the past two months
It’s been awhile since the last podcast episode dropped, so there’s plenty to catch up on the past couple of months. Here’s a smattering of items reviewed on the latest episode:
- A reorganization of City Hall included a new city administrator and police director.
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The municipal budget was approved, with no increase in the municipal portion of tax bills, and here’s a closer look at PILOTs in the 2021 budget.
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Two polls came and went since the last episode, and now a third is currently up on the site. Have a look at results of the Favorite Sandwich poll and Favorite Outdoor Space. Don’t forget to vote in the current poll, Favorite Restaurant (eat-in, table service), which closes next week.
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City Council took over management of the Rahway Special Improvement District (SID). It also confirmed five members of a new SID Advisory Board, replacing the Rahway Arts & Business Partnership Board of Trustees.
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City Council in June introduced an ordinance regulating cannabis but then tabled cannabis legislation until the Planning Board has a chance to review it this week.
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Public hearing tonight on 2021 city budget
City Council is scheduled to hold a public hearing and final vote on a proposed $58.6-million municipal budget, which aims to raise $38.1 million through property taxes.
Council approves shift in SID management
City Council unanimously approved an ordinance that will shift the downtown management corporation overseeing the Special Improvement District (SID) from the Rahway Arts and Business Partnership (RABP) to the governing body.
PILOTs in the 2021 budget
The proposed municipal budget for 2021 includes almost $1.8 million in anticipated Payments In Lieu Of Taxes (PILOT), with at least two new developments expected to add $190,000 this year.