The top 10 taxpayers in Rahway make up about a fifth of the city’s total assessed value. As part of an $11.65-million bond sale in the spring, the city put together a slew of documents on the city’s debt and tax assessments for ratings agency Standard & Poor’s.
Details of the bond sale, as they relate to redevelopment, will be included in an upcoming post. For now, here are the top 10 property taxpayers in the city (here it is an Excel file, maybe easier to read), followed by the total assessed value of their property (or properties):
Merck & Co., Inc. — $249,669,700Carriage City Properties, LLC — $27,128,400Park Terrace at Rahway, LLC — $6,684,500Giacobbe Investments Corp. — $5,762,400Alard Realty Enterprises — $5,477,900Renaissance at Rahway, LLC — $5,362,800Woodbridge Plaza, LLC — $4,329,500Rahway Industrial Site — $4,296,900Ninette Group — $3,659,600New Jersey Bell — $3,576,279TOTAL — $315,947,979
In some cases, like Merck and Giacobbe Investments Corp., the total figure includes multiple parcels, while for others, it’s just one property, like Renaissance, Park Terrace and Woodbridge Plaza.
“The city’s tax base has experienced, what we consider, limited, but stable, growth; it increased by just 2.1 percent since fiscal 2007 to $1.55 billion in fiscal 2010,” according to the S&P report. It considered the city’s per-capita market value of $134,775 “extremely strong.” Officials expect a tax base reduction for the subsequent year, according to the report. While the tax base is diverse with the 10 leading taxpayers accounting for 21.2 percent of assessed valuation (AV), Merck alone accounted for 17 percent of AV in fiscal 2010. Total assessed valuation is $1,486,291,000 in 2011, down 3.8 percent from $1,545,974,600 in 2010, according to the report.
Primarily due to a tax appeal by Merck (the first in more than 20 years) and to a lesser extent the economic downturn, the tax base will likely decline by 4 percent to $1.49 billion in fiscal 2011, according to the report. The city has settled the tax appeal and will repay about $1.6 million over the next three years.
There are a few more interesting (at least to me) statistics within the documents, as well as details of the bond sale, that I’ll post soon.
ABC 7 News‘ Neighborhood Eats paid a visit to Rahway recently, checking out Patria Restaurant and Mixology Lounge on West Main Street. A 2:41 report on the new eatery aired Friday, featuring a tilapia dish.