Catching up on some older items during this slow week, the City Council last month approved a 2010 budget of about $130,000 for the Special Improvement District (SID).
The governing body earlier this year shifted the taxes collected through the Special Improvement District from the Rahway Center Partnership to the Arts District while also expanding the boundaries of the SID to encompass Hamilton Street and the arts projects planned there.
Here’s a breakdown of SID taxes
for each property. The SID budget will raise $131,565.94 in taxes, based on a rate of
$0.334 per $100 of assessed value on 138 downtown properties, which have a total assessed value of about $39.391 million.The highest assessed single property in district is RSI Bank
at $2.895 million, paying about $9,672 in SID taxes. Carriage City Properties
is the single highest taxpayer in the district, but the total $10,923 is based on two assessed properties: the retail component of Carriage City Plaza
and the hotel. Other multiple property owners within the district with some of the highest total SID taxes are Ray-Lor, LLC, $4,909.47 (four properties), and Dornoch
, $5,001 (17 properties).