$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

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