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Crestmont County Club tax settlement is largest since Organon PDF Print E-mail
Written by Joe Krakoviak   
Tuesday, 12 October 2010 13:32

The town has provided additional information about the recent $1.425 million property tax settlement with Crestmont Country Club at 750 Eagle Rock Avenue. In a letter dated October 7, 2010, and received today, Tax Assessor Kevin Dillon confirmed that this is the largest successful tax appeal since the one for the Organon Pharmaceutical property next to Essex Greeen following its 2004 shutdown of operations and acquisition by Prism. Prism is the redeveloper for the stalled Main Street Redevelopment Project. 

The agreement reduces the Crestmont tax bill from $1.16 million to no more than $660,000 in 2011 -- a 43 percent reduction. The settlement reduces revenue to the town this year by $150,000 as well as in future years. The settlement adjusts the assessment of the property to $22 million for 2011. Based on the percentage of revenue decline, the settlement reduces the assessed value from approximately $39.1 million, representing a reduction in the town's tax base of approximately $17 million.

I had posed a series of questions to the council at the September 28, 2010, meeting but was told the council and administration could not answer the questions at that time. The letter doesn't answer the question I posed about how many other commercial property tax appeals with revenue of more than $1 million in dispute.
 
Here's the letter. Here's the council resolution authorizing the settlement. Here's the previous Grassroots post on this issue.

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Last Updated on Tuesday, 12 October 2010 14:46
 
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