Three properties won tax appeals across multiple tax years, one dating as far back as 2014.
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City Council approved two resolutions to refund overpayments to three properties — totaling almost $7,100 — that had successful judgments in the Tax Court of New Jersey.
In June, the governing body approved a resolution (AR-163-21) authorizing a refund of $1,645.12 for 195 W. Main St.x (Block 161, Lot 14) for the 2014 tax year. The $1,645 refund would be about 14% of the 2014 property tax bill, which would have been about $11,651, based on a tax rate of $6.204 per $100 of assessed value at the time.
The property, classified as a 4C apartment, is assessed for $187,800 and generated a property tax bill of about $13,193 in 2021, according to property records. The owner is listed as Mountainside-based 195 W. Main St. Corp.
In July, City Council approved a resolution (AR-188-21) authorizing a refund of $2,725.86 across two tax years — 2018 and 2019 — for two properties: 1407 Barnhardt Lane. (Block 304.01, Lot 18.01 C0507) and .472 Hancock St.. (Block 304.01, Lot 18.01 C0406).
The two town homes are part of the Riverwalk development off Essex Street, comprised of 86 town homes constructed about 15 years ago. Nineteen of the 86 town homes, built by Parsippany-based Diversified Communities, eventually went into foreclosure in 2009. They were acquired in 2013 by Englewood-based Real Estate Equities Group for a little more than $2.1 million, or about $112,000 each, and converted to rentals at the time.
The two town homes are both assessed for $165,200 each and generated property tax bills of about $11,440 each in 2021, according to property records. Both are owned by FOM Real Estate-Rahway, LLC, which lists a Clark address.
Each town house would receive a refund of $1,686.84 for 2018 and $1,039.22 for 2019, for a combined $2,725.86.
About a decade ago, more than half of the 68 owner-occupied Riverwalk units successfully appealed their tax assessments in (24 in 2011 and eight in 2012).
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