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.
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.
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.