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.
Rahway’s total taxable value nudged up slightly last year, highlighted by a sharp increase in apartment assessments thanks to a new building on the tax rolls, and a dip among industrial property due to lower assessments on Merck properties.
Rahway Industrial Sites will receive a refund of more than $200,000 as part of a settlement in state Tax Court.
An Elston Street industrial property won another round of tax appeals, this time for the tax years 2014 and 2015, resulting in about a 22-percent refund on its property taxes.
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.
A Brooklyn company is moving into an industrial building that was acquired adjacent to Routes 1&9, according to multiple reports.