Tag Archives: taxes

City Council, tax appeals, taxes

State Tax Court judgment slashes tax bill in half

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Let’s call it “Tax appeal week” at Rahway Rising as we catch up on a few more tax appeals over the last several months, including those approved at the county tax board, decided at the state Tax Court or settled with the city.

STS Tire and Auto Center on St. Georges Ave. (Block 7, Lot 1) had its 2012 tax bill cut in half after a judgment by the state Tax Court. The City Council authorized a refund of $16,705.26 at its Nov. 12 meeting (AR-240), some 46 percent off the total property tax bill of about $36,310 paid by STS on its three St. Georges Avenue lots.

The main parcel on St. Georges Avenue, about a third of an acre and including the building, is assessed for $512,000 and had a tax bill of $29,906 in 2012. Two other land-only lots (Block 7, Lots 2 and 3), which were not appealed, are assessed at a combined $105,900, with taxes of $6,404, for a total 2012 tax bill of about $36,310.

Bridgewater-based STS also was among more than 120 tax appeals in the city for the 2013 tax year that were approved by the county tax board. The City Council approved the judgements at its October meeting and we’ll post details on those appeals and new assessments later this week.

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City Council, taxes

Park Square tax appeal settlement

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Park Square, the 159-unit rental complex downtown that was purchased last month, reached a tax appeal settlement with the city in October, which reduced its assessment by more than a third.

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City Council, taxes

City Council approves PILOT for Metro Rahway

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Lost amid the news of Mayor Rick Proctor’s resignation last week was the fact that the City Council approved a 15-year Payment In Lieu Of Taxes (PILOT) and financial agreement for the Metro Rahway project.

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City Council, taxes

Metro Rahway: $72k v. $265k v. $430k

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The 15-year Payment In Lieu Of Taxes (PILOT) requested by Metro Rahway would be $265,000 annually, according to a revised ordinance (O-35-13) that the City Council is expected to approve tonight. The council will meet for a combined conference agenda/regular meeting at 7 p.m.

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tax appeals, taxes

Gas station property awarded tax judgement

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The City Council last week approved more than $9,000 in credits for overpayment of taxes to a St. Georges Avenue gas station, as a result of a judgement in tax court. The governing body on July 8 approved AR-149-13, which awarded a credit for the 2011 and 2012 tax years to Lukoil North America at 490 St. Georges Ave., (Block 15, Lot 1).

Credits for overpayment of taxes
* 2011, $3,574.30 (~16 percent)
* 2012, $5,578.16 (~24 percent)
Total, $9,152.46 (~20 percent)

The 0.4-acre property at the corner of West Inman Avenue is assessed at $394,500 and paid about $23,043 in property taxes last year, so the credits represent an approximately 16-percent credit on its 2011 taxes and a 24-percent credit on the 2012 tax bill; or an average 20 percent over two years.

The city had a record number of tax appeals filed and won last year, which affected the municipal budget by an estimated $25 for the average home’s tax bill.

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Rental building added $2m to assessed value

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Perusing some tax and property records yielded an interesting morsel of information about Brookside at Rahway, the 50-unit apartment complex on St. Georges Avenue that opened last year.

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City Council, taxes

City Council amends budget

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City Council on Monday night amended the city budget by resolution (AR-87-13), held the required public hearing on the spending plan, but will approve the budget as amended at its meeting next month.

Chief Financial Officer Frank Ruggiero explained that an amendment is necessary if:
– There is an increase or decrease of 10 percent in a budget appropriation;
– A new appropriation is added that is equal to more than 1 percent of the budget;
– The tax levy is increased or decreased by 5 percent.

In this case, it was the first item, an increase or decrease of 10 percent in a budget appropriation. Specifically, $20,000 was reduced in the Department of Law for salaries and wages, related to the public defender and , along with changes to some six line-items in the budget, which reduced the tax levy by about $32,000, from $34.47 million to $34.44 million. The tax levy is about 2.95 percent, or $985,000, more than last year’s tax levy. In all, the budget stands at $50.77 million.

The change will mean an average tax increase of about $113, versus the originally proposed $116, for the average assessed home in Rahway ($133,000). The municipal budget comprises about 40 percent of the overall property tax bill.

The City Council also unanimously adopted a budget for the Special Improvement District (SID) in the amount of $130,000, which funds the Rahway Arts District.

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City Council, tax appeals, taxes

City budget estimates average $116 tax increase

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A municipal budget presented Monday night forecasts an average $116 increase in the city’s portion of the tax bill.

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