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.
The city plans to borrow $14 million against a new operating agreement that’s expected to pay the city $1 million annually over the course of a new 20-year contract. Continue reading Council to borrow $14m against new water deal
Rahway Industrial Sites will receive a refund of more than $200,000 as part of a settlement in state Tax Court.