The city is refunding $126,481 to a company that managed to successfully challenge the high tax assessments of several of its South Paterson properties, according to municipal records.
Alfonso Daloisio, Jr., chief executive officer for the Railroad Construction Company, appealed assessments of a series of properties at 208-215 West Railway Avenue, 63-95 Grove Street, 64-96 Goshen Street, and 66-68 Grove Street for the 2015, 2016, and 2017 tax years.
The properties used for office space and warehousing were assessed at $7.57 million for 2015 and 2016. And $7.56 million for 2017. The firm thought the properties were assessed well-above their fair market value prompting the company to file a tax appeal.
Under a settlement agreement, the city agreed to reduce the assessments for 2015 and 2016 to $7.2 million and $6.5 million, according to municipal records. It also agreed to reduce the 2017 assessment to $6 million.
This resulted in a refund of $126,481 for the company. Municipal officials approved the tax appeal settlement in late December.