Thursday, January 17, 2013
Township officials say South Brunswick may be forced to consider property revaluation in the future due to the continued increase of tax appeals from residents and businesses.
As the township is still in the early stages of formulating the municipal budget for 2013, South Brunswick officials remain concerned about the overall impact of tax appeals from residents and businesses. Last year, 391 tax appeals were filed in the township, up from about 180 appeals in 2011, when approximately 100 companies successfully sued the township for a tax reduction. That reduction resulted in the loss of over $100 million in ratables. Of that total, $98.5 million came from commercial and industrial tax appeals. "The biggest concern we have is the fact that these suits are rising from people appealing their taxes," said Mayor Frank Gambatese. "We expect to have a pretty big number again from last year to this year, so we need to…
Wednesday, May 16, 2012
Nearly 400 tax appeals filed as township looks for ways to mitigate impact on the budget.
As property values continue to decline, tax appeals in South Brunswick have increased exponentially this year. In 2012, 391 tax appeals were filed in the township, up from about 180 appeals in 2011. "Anytime you get the number of tax appeals that we have, it becomes a major problem," said Mayor Frank Gambatese. "We're now up to 391 appeals, after we lost $100 million last year, so it's a major concern. There's not much we can do, with the true value of homes dropping to 45 percent." In 2011, approximately 100 companies successfully sued the township for a tax reduction, which resulted in the loss of over $100 million in ratables. Of that total, $98.5 million came from commercial and industrial tax appeals. The township ratable base …
Tuesday, April 17, 2012
South Brunswick Township Council lowers settlement threshold hoping to stem the tide of dropping ratables.
With declining ratables impacting both municipal and school tax rates, the township is lowering the threshold for settlements on tax appeals. Previously, any settlement on a tax appeal that was greater than $50,000 had to be brought by the South Brunswick Tax Assessor to the Township Council for approval. At last week's meeting, the council lowered the settlement limit from $50,000 to $25,000. "In the past, the assessor had latitude to negotiate at a maximum of $50,000. Where that really comes into play is with the business community," said Public Affairs Coordinator Ron Schmalz. "Over the last few years the assessor has been doing a good job, but administration wasn't aware what was going on with the appeals and the values were dropping …
Tuesday, February 28, 2012
Net affect of tax appeals by corporations resulted in the loss of over $100 million in ratables for South Brunswick.
As the recession continues to affect the number of new businesses opening across the state, the impact of tax appeals by existing businesses has resulted in a large chunk of lost revenue for South Brunswick. The success of South Brunswick companies in challenging their property values resulted in the loss of over $100 million in ratables last year, according to township officials. Approximately 100 companies successfully sued the township for a tax reduction last year, said Mayor Frank Gambatese. "Revenue is the major problem we're having," Gambatese said. "With the economy being the way it is and residential property values dropping, these corporations whose property values really don’t drop in a given year, what happens is they see the …
raymond Weis
10:01 am on Thursday, January 17, 2013
South Brunswick is getting more and more expensive to live in every year. Real wages for the majority of people are falling not to mention the retirees. I think that raising taxes only encourages more people to appeal their tax property assessment. I understand the value of a stable community and I really love South Brunswick, but I myself would hate to be put in the position of having to leave … more ›