Trend in commercial owners appealing to lower taxes could hit homeowners with tax burden

In commercial real estate, new jersey fiscal crisis, taxes on February 24, 2009 at 4:41 pm

by The Star-Ledger Continuous News Desk

Tuesday February 24, 2009, 7:48 AM

Many owners of commercial real estate in New Jersey such as shopping centers, office buildings and industrial sites are planning to appeal this spring to lower their property taxes because their properties are making less money in the recession, but the trend could shift the tax burden to homeowners or cause towns to increase their debts, according to a report in the Record.

According to the report, New Jersey towns rely on residential and commercial property taxes for about half of their revenue, but an increase in refunding commercial property owners’ taxes could cause towns to take on debt to fill budget shortfalls, cut services, or raise taxes on homeowners.

Developers and commercial landlords seeking to appeal the assessments of their buildings often have a better chance than homeowners, according to the report. Many commercial property owners have working relationships with town officials, and they have the resources to come to the negotiating table with financial documents, attorneys and appraisers.

  1. If the vacancy rate associated with retail properties in the CBD continues to rise, this could be a problem in Ridgewood too.

    Also, the owner of 1200 East Ridgewood Avenue received a tax break in past years when his office vacancy rate skyrocketed. Hope this doesn’t happen again.

  2. I just looked at the MLS,in ridgewood alone, there are almost 50 houses valued at over 1,000,000.00 for sale,lots of empty stores in town too. The town just completed a property reassesment a few months ago which valued those properties in 2006 dollars.This will be a great experiment into seeing just how much the ridgewood taxpayer can take.

  3. I’ve started to hear the “d” word (depression) thrown around in the media a little bit. Better hang on to your wallet.

  4. C’mon, hit me again! What’s the difference. “I’m mad as hell and I ain’t gonna take it anymore!”.

    Peter Finch’s character was right. It is time to act. Time to put our own ships on an even keel. If we all take care of our own business. The business of the Village, County, State , and Country will start coming around to the realities of the 21st century in America. We are Americans who have forgotten that we all come from hearty stock. We’ve been going down the wrong path, the path of entitlement, for almost fifty years. A path that has never been sustainable for any culture. Fat, happy, and let someone else do it doesn’t work. Let’s get back to being Americans.

  5. 7;04- right on !

  6. Shop local…
    Let’s try to keep the businesses we have in town, so the property owners don’t need to appeal.
    In the long run, this could save taxes for the residential community.

  7. One of the biggest entities in town does not even pay land taxes to Ridgewood and yet uses its services like it owns them.

    It is about time Valley Hospital paid – not in services to the state but taxes in lieu to Ridgewood.

  8. 8;08 is right.

  9. well put 8;08. they are for-profit..or they would accept whatever insurance reimbursement is offered, and NOT bill the patient for the difference. My understanding, as has been mentioned here by other posters, is that the anesthesiology group at Valley, which has the ‘exclusive franchise’ here, sets whatever rates they want, and the patient must pay extra $$$ if their insurance company does not pay the full fee as demanded by the anesthesiology group. So HOW could it be considered non profit or tax exempt? I’m puzzled.
    (not sure about other specialties, but you can’t get operated on without the anesthesiologist!)

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