Essex Street industrial property wins tax appeal

An Essex Street industrial warehouse on the outskirts of downtown won a tax appeal totaling about a quarter of its tax bill for two years.

City Council approved a resolution (AR-76-16) at its March 14 regular meeting authorizing the tax collector to credit an overpayment of $12,251 over two years due to a judgment of the state tax court.

The credits were $6,047 for tax year 2013 and $6,204 for tax year 2014, which works out to a reduction of about 25 percent in each year, based on its current property taxes of $24,635.

The single-story commercial property at 1684 Essex St. (Block 322, Lot 8) is assessed at $371,800, according to property records.

Manahawkin-based Rahway Properties, LLC, owned the almost half-acre parcel before selling it for $260,000 in May 2013 to a Brooklyn, N.Y. entity called 1684 Essex St., LLC.

The nearly 8,100-square-foot, single-story industrial warehouse was previously home to Rahway Electric Supply and includes 23 parking spaces.