Revenue from Payments In Lieu Of Taxes (PILOT) increased last year by 30 percent, about $845,000, and this year’s municipal budget anticipates another increase of 26 percent, or almost $720,000.
Continue reading A closer look at PILOTS in 2024 municipal budget
Existing land uses downtown are diverse, with a mix of commercial, mixed-use, industrial, parking and public uses.
Continue reading Downtown strategic plan: Existing land uses
The proposed municipal budget for 2021 includes almost $1.8 million in anticipated Payments In Lieu Of Taxes (PILOT), with at least two new developments expected to add $190,000 this year.
Payments In Lieu Of Taxes (PILOT) are anticipated to account for $1.385 million in the 2020 municipal budget.
Recent downtown development projects have a mixed bag when it comes to reaching Payments In Lieu Of Taxes (PILOT) levels anticipated in their original financial agreements.
Revenue from Payments In Lieu Of Taxes (PILOT) is projected to reach almost $1.4 million in this year’s municipal budget while foreclosure registry fees are expected to jump by more than 50 percent.
The latest downtown development is expected to begin contributing a Payment In Lieu of Taxes (PILOT) this year, bringing anticipated revenue from PILOTs to more than $1.5 million in the 2018 municipal budget.
How walkable is Rahway? According to Walk Score, it’s more walkable than most cities in New Jersey.