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Monday, January 12, 2009
A developer building at the Penisula at Bayonne Harbor purchased a tract of land in 2007 for $18.5 million. Despite this, the City of Bayonne is taxing the vacant tract of land as if the property is worth a little over $23 million. As a result, the developer must now pay $568,000 in property taxes instead of $424,000. But that's not all, the tract of land was granted a 30-year tax abatement by Bayonne last March. Unfortunately for the developer, the abatement agreement is structured so that the tax abatement does not begin until the developer gets a certificate of occupancy. Talk about an incentive to get a portion of the development completed.
To read the full article, please click the words Real Estate Tax Appeal Attorney.
