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)
707 Broad Street Associates, LLC/707-721 Broad Street/53.01/38/Central/$56,952,600/2010/-$0.00 |
707 Broad Street Associates, LLC/707-721 Broad Street/53.01/38/Central/$56,952,600/2011/-$164,822.53 |
707 Broad Street Associates, LLC/707-721 Broad Street/53.01/38/Central/$56,952,600/2012/-$309,043.75 |
Additional Information:
Total Tax Difference: -$473,866.28
Invitation: Corporation Counsel, June 17, 2014
No Action Taken, June 18, 2014
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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; 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 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 Corporation Counsel of the City of Newark be and is hereby authorized to execute a Stipulation of Settlement with regard to certain properties as set forth in Schedule A, 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 Department of Finance.
STATEMENT:
This resolution hereby authorizes the execution of a Stipulation of Settlement with regard to a Tax Appeal on the property set forth in Schedule A.