It contends the redevelopment project, even with tax exemptions starting at 80% the first year, would still bring in $678,730 over 10 years.
From the Township today:
Information from the Maplewood Township Committee
on the Maplewood Post Office
On
April 7, 2015 at 7:30pm, the Maplewood Township Committee will hold a
public hearing and consider on final passage, Ordinance 2778-15,
Authorizing the Execution Of A Tax Agreement With Maplewood
Redevelopers, LLC And Granting a Tax Exemption: 5 Year Tax Abatement
Pursuit To State Statute. This is for the post office site on Maplewood
Avenue.
The Township of Maplewood is the current property owner and now there are no property taxes collected from the site.
Below is a ten year tax payment analysis comparing the current value of the land and building at the post office site with the proposed new development receiving a five-year tax abatement (PILOT).
From 2016 through 2025, the total estimated tax payments on the existing land and building are $678,730. The total estimated tax payments on the proposed new development are $1,009,582, which is an increase of $330,852. After 2025, the proposed new development will generate over $85,000 more in taxes per year than the taxes for the existing land and building.
The current land value for the post office site is $696,800 and the value of the building (improvement) is $978,500. The 2014 Maplewood tax rate (municipal, library, open space, school and county portions) is $3.524 per $100 of value. The 2015 tax rate has not yet been determined.
The comparisons start with the 2016 tax year. The estimated tax rate for 2016 is $3.70 per $100 of value, which is five percent more than the 2014 tax rate.
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