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)
Diversified Capital-Newark, LLC/145/19/24-30 Commerce Street/Central/$12,985,900/2014/-$31,447.24
Diversified Capital-Newark, LLC/145/19/24-30 Commerce Street/Central/$12,985,900/2015/-$33,556.57
Diversified Capital-Newark, LLC/145/19/24-30 Commerce Street/Central/$11,985,900/2016/-$69,285.04
Diversified Capital-Newark, LLC/145/19/24-30 Commerce Street/Central/$10,985,900/2017/-$501.96
Diversified Capital-Newark, LLC/145/19/24-30 Commerce Street/Central/$10,485,900/2018/-$520.71
IPT Newark DC, LLC/3791/115/640-644 Frelinghuysen Avenue/South/$5,399,600/2018/-$0.00
IPT Newark DC, LLC/3791/115/640-644 Frelinghuysen Avenue/South/$1,999,600/2019/-$127,874.00
Centre Market Building, LLC/150/4/1088-1132 Raymond Boulevard/East/$49,080,300/2016/-$0.00
Centre Market Building, LLC/150/4/1088-1132 Raymond Boulevard/East/$49,080,300/2017/-$0.00
Centre Market Building, LLC/150/4/1088-1132 Raymond Boulevard/East/$49,080,300/2018/-$0.00
Centre Market Building, LLC/150/4/1088-1132 Raymond Boulevard/East/$46,000,000/2019/-$115,850.08
Pavilion Towers, LLC/49/1(B50 L1)/138-162 ML King Boulevard/Central/$18,500,000/2019/-$206,855.00
Pavilion Towers, LLC/451/1(B452 L1)/108-136 ML King Boulevard/Central/$18,500,000/2019/-$206,855.00
Additional Information:
Total tax credit difference: -$792,745.60
Invitation: Corporation Counsel
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, May 2020 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 the...
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