South Plainfield to Borrow $1,010,000 to Cover Tax Appeal Refunds
Sunday, February 9, 2014 • 1:51pm
SOUTH PLAINFIELD, NJ – The South Plainfield Council voted unanimously to borrow $1,010,000 to pay outstanding tax appeals. The tax appeal settlements are on commercial properties throughout South Plainfield. The years of tax settlements ranged from 2010 through 2013.
The largest tax appeal refund was for Wells Operating. Wells Operating owned the former Motorola building located at 1111 Durham Avenue. The tax appeal refund for this one location was nearly $550,000. At last Monday’s Council Meeting South Plainfield Chief Financial Officer Glenn Cullen said “at onetime the Motorola property had an assessed market value of nearly $40,000,000 and last year it sold for less than $5,000,000.”
The next largest tax appeal settlement went to Home Depot located on Hamilton Boulevard. Home Depot’s settlement totaled $142,000. The tax appeal bond ordinance is scheduled to be finally adopted at the February 18, 2014 Council Meeting.