Newspaper article The Record (Bergen County, NJ)

Hackensack Budget Is Adopted; Most of Tax Hike to Pay Refunds

Newspaper article The Record (Bergen County, NJ)

Hackensack Budget Is Adopted; Most of Tax Hike to Pay Refunds

Article excerpt

HACKENSACK -- The City Council on Tuesday night approved a $100.4 million budget for 2016 that includes a property-tax increase of $103 on a home valued at the city's $239,000 average assessment.

Most of that $103 tax increase, $81, would pay for tax refunds won on appeal, Chief Financial Officer James Mangin said. Tax appeal refunds have been a major issue for Hackensack in recent years, totaling $8.3 million in 2015 and $8.2 million in 2014.

It's been five years since a citywide property reassessment was conducted. More tax appeals have succeeded in recent years because property values fluctuated during that time. The delay enabled property owners to effectively argue that their assessments were inaccurate, Mangin said.

Mangin anticipated the city would have to pay about $6 million in tax appeal refunds in 2016, but he thinks the problem is under control. …

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