City Council approved another multi-year tax appeal settlement with a local motel chain, resulting in an average tax refund of 17 percent over four years, with a 2019 reduction yet to come.
Continue reading Tax appeal settled with another Route 1 motel
City Council unanimously passed a nearly $55-million municipal budget — which includes an average tax hike of $82 for the average homeowner — and the annual $140,000 Special Improvement District (SID) budget, during its meeting Monday night, with no comments from the public and only a couple of clarifying questions from council members.
The settlement of a multi-year tax appeal will result in a 31-percent refund on four years of property taxes for a local hotel while appeals on two other years were withdrawn.
Continue reading Tax appeal settlement nets 30-percent refund
The latest downtown development is expected to begin contributing a Payment In Lieu of Taxes (PILOT) this year, bringing anticipated revenue from PILOTs to more than $1.5 million in the 2018 municipal budget.
The city’s overall assessed value was largely unchanged last year, with some marginal decreases in some classes and the largest drop coming in Commercial assessments, which were down less than 2 percent.
A 219-unit development approved for the former Center Circle site on Main Street would pay at least $500,000 in the first year of a proposed 30-year Payment In Lieu Of Taxes (PILOT) arrangement, with payments in the final year approaching $1 million.
Continue reading 30-year PILOT for Center Circle development
An industrial property just off Routes 1&9 near the Linden border won a state tax appeal judgement covering five years and more than $35,000 – roughly 11 percent of its tax bill. Continue reading Industrial parcel wins 11 percent tax appeal
City Council approved a tax appeal settlement with a New Brunswick Avenue industrial property, adding another two years to an appeal covering nearly the last decade and totaling more than a quarter-million dollars.
Continue reading Tax appeal settlement tops $265k over 8 years