The city is paying out $100,325 to the owner of a large industrial building in the Totowa section for over assessing the property in 2016 and 2017 tax years, according to municipal records.
Paterson valued the 46,000 square feet building at 151-167 Sherman Avenue well above its fair market value, according to city records. The property was assessed at $2.64 million in 2016 and $2.71 million in 2017.
151 Sherman Holding LLC. filed a tax appeal forcing the city to reduce the assessments for both years.
Paterson agreed to reduce the 2016 and 2017 assessments to $1.6 million and $1.4 million, according to municipal records. This produced a $45,429 and $54,895 refund for the property owner.
Both sides negotiated the new assessment values and agreed to settle the tax appeal case.