Monday, April 6, 2015

$1 MILLION PROPERTY TAX REVENUE EXPECTED FROM POST OFFICE PROJECT OVER 10 YEARS

The Township posted the latest version of the Maplewood Leaflet, which leads with proposed tax revenue for the proposed Maplewood Village Post Office project.

The data, below, estimates the taxable value of the project that will include 20 housing units and ground retail space will be $2.8 million. It also expects that taxes paid on it, even with the proposed five-year tax exemption plan, will be just over $1 million during the next 10 years.

The report states:

The estimated value of the building (improvement) with the proposed new development is estimated by the Tax Assessor to be $2,887,700. During the five-year PILOT period (2017-2021), land taxes are paid in full and the taxes on the improvement are phased in by 20 percent each year after the first year.

PROPOSED NEW DEVELOPMENT - LAND AND BUILDING TAX PAYMENTS

Year

Estimated Land Tax
Estimated
Building Tax
Total Estimated
Tax Payments

2016

$25,782
$0
Construction of Building

$25,782

2017

$26,297
$0
0% Taxes 1st Year

$26,297
 2018
$26,823
$22,232
20% Taxes 2nd Year
20% x $111,161
$49,055
 2019
 $27,360
 $45,354
40% Taxes 3rd Year
40% x $113,385
$72,714
 2020
 $27.907
 $69,391
60% Taxes 4th Year
60% x $115,652
$97,298
 2021
$28,465
 $94,372
80% Taxes 5th Year
$122,837

 2022
$29,034
 $120,325
100% Taxes
$149,359
 2023
 $29,615
$122,731
$152,346
 2024
 $30,207
$125,186
$155,393
 2025
 $30,811
 $127,690
$158,501
 TEN YEAR TOTALS
 $282,301
$727,281
$1,009,582

1 comment:

Olive B., Maplewood, NJ said...

Looks great but that averages to only $100,000 a year...what's that divided by 9000 households? - $11 per each per year....big f'ing deal

And what would a re-used post office yield? no data on that...the data provided is the value for an empty, unused building not ratables for a functional business use...so not apples to apples at all.