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)
2 Gateway Center Partners LLC & Gat/151/120/283-299 Market Street/East/
$103,950,000/2013/-$173,036.94
2 Gateway Center Partners LLC & Gat/151/120/283-299 Market Street/East/
$97,026,900/2014/-$396,394.63
2 Gateway Center Partners LLC & Gat/151/120/283-299 Market Street/East/
$92,132,000/2015/-$94,902.12
2 Gateway Center Partners LLC & Gat/151/120/283-299 Market Street/East/
$93,173,000/2016/-$62,848.80
2 Gateway Center Partners LLC & Gat/151/120/283-299 Market Street/East/
$84,159,300/2017/-$295,520.08
Lichter Gateway IV L/151/121/241-263 Market Street/East/$32,998,600/2012/
-$138,166.30
Lichter Gateway IV L/151/121/241-263 Market Street/East/$46,050,000/2013/
-$133,068.09
Lichter Gateway IV L/151/121/241-263 Market Street/East/$41,550,300/2014/
-$279,272.96
Lichter Gateway IV L/151/121/241-263 Market Street/East/$40,971,600/2015/
-$146,866.66
Lichter Gateway IV L/151/121/241-263 Market Street/East/$41,434,500/2016/
-$136,757.20
Lichter Gateway IV L/151/121/241-263 Market Street/East/$36,828,000/2017/
-$195,116.80
Additional Information:
Total Tax Difference: - $2,051,950.58
Invitation: Acting 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, January 2018; 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 Acting Corporation Counsel that these settlements are in the best interests of the City of...
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