NJMP Tax Abatement
Wednesday, April 15th, 2009If the City were to assess the NJMP land at $20 million ($40,000 per
acre the City’s resolution set for the Industrial Park land) the City
would get 37% of the $605,000 NJMP would have to pay ($223,850) or
$57,600 more per year than the tax abatement payment $166,250 ($175,000
less the County’s 5% of $8,750). Perhaps next year we should file a
Citizen’s appeal of the NJMP real estate taxes?? All we need is one good
sale of industrial land as a comp and we’re good to go.
Even at $30,000 an acre City’s share is $167,887 v. 166,250 it now
receives. The advantage is that taxes go up 3% per year so the gain will
increase each year and even more if NJMP buys the 200 acres it has an
option on.