Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Stipulation of Settlements for Tax Appeals
List of Property:
(Tax Payer/Address/Block/Lot/Ward/Assmnt./Year/Refund Amount)
FHTDD, L.P./628/17(19,21,22)/509-519 Mt. Prospect Avenue/North/2020/$18,570,000/-$0.00
FHTDD, L.P./628/17(19,21,22)/509-519 Mt. Prospect Avenue/North/2021/$18,570,000/-$0.00
FHTDD, L.P./628/17(19,21,22)/509-519 Mt. Prospect Avenue/North/2022/$17,010,000/-$58,281.60
FHTDD, L.P./682/18/543-563 Mt. Prospect Avenue/North/2020/$17,215,000/-$0.00
FHTDD, L.P./682/18/543-563 Mt. Prospect Avenue/North/2021/$17,215,000/-$0.00
FHTDD, L.P./682/18/543-563 Mt. Prospect Avenue/North/2022/$15,775,000/-$53,798.40
Four Corners Millenium Project/72/45/233-237 Washington Street/Central/2021/$1,799,200/-$0.00
Four Corners Millenium Project/72/45/233-237 Washington Street/Central/2022/$1,500,000/-$11,178.11
Frank Achebe/358/25/44 19th Avenue/South/2020/$96,100/-$950.00
Frank Achebe/358/25/44 19th Avenue/South/2021/$96,100/-$933.50
Helin Choi/4047/54/901-903 18th Avenue/West/2020/$255,000/-$2,926.00
Helin Choi/4047/54/901-903 18th Avenue/West/2021/$235,000/-$3,621.98
Helin Choi/4047/54/901-903 18th Avenue/West/2022/$235,000/-$3,623.92
Joanne Johnson/3643/1/573-577 Elizabeth Avenue/South/2018/$1,950,000/-$1,846.50
Joanne Johnson/3643/1/573-577 Elizabeth Avenue/South/2021/$2,000,000/-$0.00
JW Realty Group 201/69/48/201-203 Washington Street/Central/2018/$861,000/-$0.00
JW Realty Group 201/69/48/201-203 Washington Street/Central/2019/$825,000/-$1,353.96
JW Realty Group 201/69/48/201-203 Washington Street/Central/2020/$825,000/-$1,368.00
NJ Urban Realty Partners, LLC/55/22/761-769 Broad Street/Central/2020/$24,250,000/-$0.00
NJ Urban Realty Partners, LLC/55/22/761-769 Broad Street/Central/2021/$22,000,000/-$84,015.00
SNB Realty Group LLC/2837/43(44)/23-25 Dey Street/Central/2019/$269,700/-$0.00
SNB Realty Group LLC/2837/43(44)/23-25 Dey Street/Central/2020/$269,700/-$0.00
SNB Realty Group LLC/2837/43(44)/23-25 Dey Street/Central/2021/$269,700/-$0.00
SNB Realty Group LLC/2837/43(44)/23-25 Dey Street/Central/2022/$269,700/-$0.00
SNB Realty Group LLC/2837/64/9-13 Dey Street/Central/2019/$565,300/-$0.00
SNB Realty Group LLC/2837/64/9-13 Dey Street/Central/2020/$565,300/-$0.00
SNB Realty Group LLC/2837/64/9-13 Dey Street/Central/2021/$565,300/-$0.00
SNB Realty Group LLC/2837/64/9-13 Dey Street/Central/2022/$565,300/-$0.00
South Adams Leasing LLC/973/1/358-364 Adams Street/East/2019/$500,000/-$0.00
South Adams Leasing LLC/973/1/358-364 Adams Street/East/2020/$500,000/-$0.00
South Adams Leasing LLC/973/1/358-364 Adams Street/East/2021/$500,000/-$0.00
South Adams Leasing LLC/973/1/358-364 Adams Street/East/2022/$500,000/-$0.00
South Adams Leasing LLC/973/37/348 South Street/East/2019/$300,000/-$0.00
South Adams Leasing LLC/973/37/348 South Street/East/2020/$300,000/-$0.00
South Adams Leasing LLC/973/37/348 South Street/East/2021/$300,000/-$0.00
South Adams Leasing LLC/973/37/348 South Street/East/2022/$300,000/-$0.00
Statewide Realty Co./5092/157/197-225 Mcclellan Street/South/2021/$6,000,000/-$37,340.00
Statewide Realty Co./5092/157/197-225 Mcclellan Street/South/2022/$6,000,000/-$37,360.00
Wilson Ave. Assoc./2033/9.04/69-87 Alyea Street/East/2022/$1,250,000/-$12,250.34
Wilson Ave. Assoc./2033/9.04/69-87 Alyea Street/East/2023/$1,250,000/-$12,224.12
3 Gateway Center Properties, LLC/151/122.02/86-102 Commerce Street/East/2020/$2,500,000/-$29,640.00
Additional Information:
Total credits: -$352,711.43
body
WHEREAS, there are now pending before the Tax Court of New Jersey direct appeals challenging real property assessments and actions to review judgments of the Essex County Board of Taxation with regard to properties listed on the attached Schedule A, August 2024 Credits; and
WHEREAS, after a review of the appraisals of both the City and the taxpayer and an analysis of prior County Board and Tax Court actions as they affect these properties, and after careful consideration of these facts, it is the opinion of the Tax Assessor and the Corporation Counsel, and/or his designee, Outside Counsel, that these settlements are in the best interests of the City of Newark.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The City’s Corporation Counsel be and is hereby authorized to execute a Stipulation of Settlement with regard to certain properties as set forth in Schedule A, August 2024 Credits, after receipt of all documents deemed appropriate.
2. The City Clerk shall serve a copy of this Resolution upon the Tax Assessor, Corporation Counsel and the Director of the Department of Finance.
STATEMENT
This Resolution authorizes the Corporation Counsel, and/or his designee, to execute a Stipulation of Settlement with regard to Tax Appeals on certain properties set forth in Schedule A, August 2024 Credits.