A New Brunswick Avenue property will receive a refund of more than 12 percent across five tax years – as far back as 2009 – while withdrawing tax appeals on three adjacent properties.
Rahway Industrial Sites will receive a refund of almost $150,000 on its largest parcel and as part of the settlement agreed to withdraw appeals on three properties: Block 283, Lot 4; Block 284, Lot 15, and Block 309, Lot 35. That tax years in question were 2009, 2011, 2012, 2013, and 2015.
The main property (Block 282, Lot 1.01) is a 10.5-acre site that saw its assessment reduced from $4,063,800 to $3,563,800 as part of the settlement. The property tax bill last year was about $256,710. Over the five years at issue, property taxes were about $1.73 million; after the appeal they would total about $1.028 million for the period.
The adjacent three lots (on the corners of Iva Street and East Hazelwood Avenue) are significantly smaller and primarily serve as parking lots. They are assessed for a combined total $232,900 with cumulative property taxes of about $15,444.
Rahway Industrial Sites will get reductions on five tax years as part of the agreement, totaling $144,345:
- 2009 – $24,495
- 2011 – $28,825
- 2012 – $29,205
- 2013 – $30,235
- 2015 -$31,585