Oct. 30th Home News Tribune
Carteret Taxes
Carteret is currently under going a revaluation of residential, commercial and industrial properties. Many residential property owners are apprehensive on how exactly the revaluation is going to affect their property taxes.
Overall property taxes have risen 30 percent since 2005. A property assessed at $100,000 in 2005 paid $4,100 in taxes. The property tax as of 2011 would be $5,300. The municipal and county tax showed the most increase percentage wise, with the school tax, with approximately 48 percent of the tax pie staying fairly stable during this time frame. This scenario will most likely change over the next few years.To promote “growth,” the current administration has embraced tax abatements and pilot programs in lieu of taxes. These programs have been granted to a certain group of builders and developers. The current project at Lower Roosevelt Ave will produce (the numbers are always changing) approximately 140 to 200 apartmetn units. The developer of the apartmetns was granted a pilot program in lieu of taxes. Instead of paying taxes on the projects market value, Kaplan will pay 15 percent of the gross income toward our tax revenue.
The difference between these two tax scenarios are 1) lower tax revenue from the pilot program in lieu of taxes and 2) while taxes from market value would be divided between municipal, county and our school district, the formula for the pilot program in lieu of taxes is 10 percent for the municipality, 5 percent for the county, zero percent or nothing for the school district. Who will pay for the children that will live in the Lower Roosevelt apartmetns and use our school system? Guess who?
Tax abatements and pilot programs that are granted to certain projects and businesses, leave residential property owners without abatements shouldering a greater share of the overall tax obligation. Does Burger Express really need a tax abatement? How about a little less cheese on the fries. Does P.C Richards? We need people on the council that will fight for the taxpayers of our town. Kevin Urban and Steve Pinchak will push the mayor and council to pass an ordinance to change the payment program to 5 percent municipal, 5 percent county, and 5 percent to the school district. They will fight against tax abatements and pilot programs that would negatively affect our tax revenue.
On Nov. 8, I urge you to Vote Line A, Kevin Urban and Steve Pinchak, for a better Carteret.
Ken Freeman
CARTERET
