Paterson refunds $153,500 to two property owners after tax appeal | Paterson Times Paterson Times

Paterson refunds $153,500 to two property owners after tax appeal

By Jayed Rahman
Published: April 5, 2021

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Municipal officials issued $153,537 in refunds to two property owners after they appealed their property tax assessments, according to public records.

Manchester Coop, owner of 463-473 Preakness Avenue, an apartment complex, was issued a $95,158 refund. HDI Realty, owner of 445-449 5th Avenue and 107 East 27th Street, site of the Home Depot, was issued a $58,379 refund. Both owners appealed their tax assessments, claiming their assessments were excessively high.

Manchester Coop appealed its assessments for 2018 and 2019. As part of a settlement with the city, Manchester Coop reduced its assessment for both years. It secured a $45,125 refund for 2018 and $50,034 for 2019, according to records.

“City’s appraisal expert and Tax Assessor are familiar with the subject property and they have reviewed the relevant market data, leases, income and expense statements and have concluded that the assessments for the tax years under appeal were in excess of the subject property’s ‘fair market value’ in said tax years,” reads a measure approving the tax settlement.

Assessment for 463-473 Preakness Avenue was reduced from $3.5 million to $2.3 million, a $1.2 million reduction.

HDI Realty challenged its assessments for 2018, 2019, and 2020. As part of the settlement, the city successfully negotiated and kept the assessments for 2018 and 2019 unchanged, but agreed to reduce the assessment for 2020.

Assessments for 445-449 5th Avenue and 107 East 27th Street were reduced from $8.8 million to $7.4 million, a reduction of $1.4 million. The city reduced the assessment it had tacked on for improvements made to the property, that portion was reduced, according to city records.

Both tax appeal settlements were approved on March 23.

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