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Paterson paying almost $161,400 to settle four property tax appeals | Paterson Times

Paterson paying almost $161,400 to settle four property tax appeals

48-east-6th-street

The city has agreed to pay $161,389 to settle four successful property tax appeals, according to municipal records.

Council members approved the four tax appeal settlements on Tuesday night. The largest tax refund of $91,705 is being paid out to the owner of commercial properties located at 48-62 East 6th Street (pictured) and 31-45 East 5th Street.

Other properties receiving refunds are:

  • $15,651.48 for 20-21 Mill Street
  • $27,042.96 for 21 Market Street
  • $26,989.56 for 19 Market Street.

The limited liability firm that owns 48-62 East 6th Street and 31-45 East 5th Street appealed its property assessments for 2007, 2008, 2009, 2010, and 2011. The city reduced the $1.89 million assessment for 48-62 East 6th Street by an average of $522,800 for each of the five years. Similarly, it reduced the $1.27 million assessment for 31-45 East 5th Street for each of the five years appealed by an average of $353,800.

George McLoof, owner of 20-21 Mill Street, appealed his $1.15 million assessment for 2015. He was able to reduce his assessment by $381,000, according to city records.

McLoof also appealed the $2.65 million assessment of 21 Market Street. The city agreed to reduce assessment for that property by $658,300, according to municipal records. He also appealed the $2.17 million assessment of a third property at 19 Market Street for 2015.

The city reduced the assessment for that year to $1.51 million, according to city records. The city borrowed $3 million to pay for tax appeals in early April.

After the 2015 property revaluation, the city has had better luck fighting tax appeals. Fewer property owners have been successful in appealing their assessments after the city conducted the lengthy citywide revaluation.

Email: jay@patersontimes.com

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