A commercial warehouse property on Elizabeth Avenue will get a nearly 24-percent break on its 2013 property tax bill as a result of a state tax court judgment. Nearly 120 properties had successful appeals at the county level, resulting in some $182,000 in refunds for the 2013 tax year.
The City Council in January approved a resolution (AR-21-14) authorizing a credit of $8,852.81 for the 2013 tax year to the owners of 1697 Elizabeth Ave. (Block 160, Lot 13). Property records indicate an LLC by the same name owns the property, with annual taxes of approximately $37,576. The credit amounts to a reduction of about 23.5 percent for 2013.
The tax assessment on the nearly 1-acre property has been cut in half over the last two years, down 21 percent from $783,300 in 2012 to $621,400 last year, and another 31 percent to $426,300 for 2014, primarily a result of a reduction in the building portion (down from $539,700 to $377,800 last year, and $182,700 for 2014).
The property is classified as 4A (commercial) and last changed hands in June 2012 for $1.1 million, going from 1697 Rahway LLC (listed with a Manalapan address) to 1697 Elizabeth Realty (listed with a Bayonne address), only 15 months after it apparently sold for $631,000. P&A Surplus, an Army and Navy goods wholesalers, was listed as a tenant and until recently the property had an “Available” sign posted by Archie Schwartz Realtors.