Tax appeal settlement tops $265k over 8 years

City Council approved a tax appeal settlement with a New Brunswick Avenue industrial property, adding another two years to an appeal covering nearly the last decade and totaling more than a quarter-million dollars.

New Brunswick Ave.970The governing body adopted a resolution (AR-179-17) at its Aug. 14 combined meeting for a tax settlement with Rahway Industrial Sites at 970 New Brunswick Ave. (Block 282, Lot 1.01)  for $96,170, covering the tax years 2015, 2016 and 2017. The latter two years were not covered in previous resolutions approved by City Council last year.

In three resolutions adopted over the course of the past 14 months or so, the tax appeal settlements amounted to about a 12.3 percent reduction on the tax assessment, which, multiplied over eight years is equivalent to one year’s taxes. The refunds for each year, as indicated in each resolution, are as follows:

  • 2009 – $24,495 (AR-127-16)
  • 2010 – $25,640 (AR-175-16)
  • 2011 – $28,825 (AR-127-16)
  • 2012 – $29,205 (AR-127-16)
  • 2013 – $30,235 (AR-127-16)
  • 2015 – $31,585 (AR-127-16, AR-179-17)
  • 2016 – $31,945 (AR-179-17)
  • 2017 – $32,640 (AR-179-17)
  • Total – $265,590

New Brunswick Ave.970.Other angleThe main property (Block 282, Lot 1.01) is a 10.5-acre site that normally has a tax assessment of $4,063,800, generating property taxes of about $265,284.88 last year.

As part of the settlement in AR-127-16, the tax assessment was reduced by $500,000 to $3,563,800, or about 12.3 percent, for the years

Here’s a year-by-year breakdown across all three resolutions, covering the years 2009 through 2017.

The property saw its assessment reduced from $4,063,800 to $3,563,800 as part of the settlement. Rahway Industrial Sites also withdrew appeals on three of its adjacent properties: Block 283, Lot 4; Block 284, Lot 15, and Block 309, Lot 35.

City Council approved a resolution (AR-175-16) last September to settle a tax appeal covering tax years 2009 through 2015. That came after adoption of a resolution (AR-127-16) in June that covered only 2009, 2011 through 2013, and 2015.

The most recent resolution (AR-179-17) that was adopted earlier this month also included a tax appeal settlement for the same tax years for a property at 866 Billy Court (Block 245, Lot 43.19).

The property is assessed for $235,400, generating property taxes of $15,366.91 this year. The refund comes to about a 13 percent reduction on the 2017 tax bill, with a breakdown of the three-year appeal refunds as follows:

  • 2015 – $1,920.37
  • 2016 – $1,942.36
  • 2017 – $1,984.51
  • Total – $5,847.14

 

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