Thursday, June 2, 2016

Tax relief for residents near construction sites But is it fair

Hudson Reporter: "Another pitfall of living adjacent to an enormous bridge-construction project is the devaluation of property. With the bridge under construction since May 2013 and the Port Authority extending its completion date to mid-2019 from an original projection of 2017, property values near the construction site have dropped temporarily until construction is finished, according to city tax assessor Joe Nichols.

As a result, residents have been appealing their property assessments and winning a lower tax bill, although at least one city official, Councilman Gary La Pelusa, says he’s concerned about the lost tax revenue.

Nichols explained, “In 2014, the issue was raised [by residents]. In 2015, several of the people involved [filed] tax appeals which caused me to look at whether it affected value. Every one of the tax appeals that was done resulted in a reduction.” He said that 135 properties were reassessed with an average 20-peercent reduction in owed property tax, amounting to $260,000. "