Two properties — one commercial and another industrial — were awarded tax appeal judgments, receiving credits of about a third off their tax bills over multiple years. The City Council approved AR-136 at its June 11 regular meeting.
The property at 2153 St. Georges Ave. (map) (Block 244, Lot 47), where Busy Bee Child Care Center is located, saw its tax assessment reduced from $125,500 to $87,900 and a credit of $6,627.53 over three years:
- 2011 — $2,167.64
- 2012 — $2,196.22
- 2013 — $2,273.67
The property paid about $7,589 in property taxes for 2014.
An industrial property along New Brunswick Avenue (map) (Block 282, Lot 6) won its appeal for the years 2012 and 2013, seeing its assessment reduced from $553,100 to $425,000. The judgment totaled almost $14,000:
- 2010 — $6,568.97
- 2011 — $7,384.97
The property tax bill was about $25,700 for 2014. The industrial property was sold by Metuchen-based R.OW. Equities, LLC, in November 2011 for $785,000 to Dack Rahway, LLC, in Midland Park.
Tax appeal judgments in state Tax Court and approved by City Council have led to more than $75,000 in tax revenue for the 2012 tax year alone. 2012 was the high-water mark for the city’s tax appeals, with more than 350 appeals approved at the local level alone affected tax revenues of a half-million dollars.