City Council introduced a 2017 municipal budget on Monday night that estimates an average tax increase of about $81, or 2.4 percent, on the average Rahway home.
City Council is expected to introduced the 2017 municipal budget at its next regular meeting, April 24.
New Church Street has been transformed in recent weeks with the demolition of nine homes, including six along the west side of the street.
Rahway’s overall assessed value is about 7 percent off since the recession with assessed values of apartments and industrial properties heading in opposite directions while commercial assessments are almost back to pre-recession levels.
The 119 properties being studied for potential redevelopment have a total assessed value of $30.733 million, generating property taxes last year of about $1.898 million. Collectively, the properties comprise about 57 acres.
Almost 20 Rahway properties have been acquired in the last six months through the state Department of Environmental Protection (DEP)’s Blue Acres program, with demolition forthcoming as part of local flood-mitigation efforts.
City Council is scheduled to hold a public hearing and final approval tonight on a new 20-year lease agreement for the city’s water treatment plant and a $14-million bond ordinance to borrow against an annual concession fee in the deal. UPDATED: Tonight’s meeting has been canceled. A combined conference/regular meeting has been scheduled for Nov. 21.
A garden apartment complex adjacent to the Wheatena section of Rahway River Park won a tax appeal equal to about 13 percent of its tax bill for 2012.