Newspaper article The Record (Bergen County, NJ)

Totowa Approves Tax Appeal

Newspaper article The Record (Bergen County, NJ)

Totowa Approves Tax Appeal

Article excerpt

TOTOWA -- The borough government and the owner of property occupied by Omega Packaging Co. have agreed on a tax-appeal settlement, cutting the taxable valuation from about $4.7 million to $4 million and rebating the owner money for each year of its appeals.

The Borough Council passed a resolution during its meeting Sept. 27 that authorized the settlement.

Property owner Adam-King Properties LLC filed tax appeals on its property at 55 King Road from 2012 through 2016 because it believed the assessed valuation was higher than the market value of the property, according to Michael Schneck, attorney for Adam-King Properties.

Annual taxes for the property are $107,233.80, according to njparcels.com. Originally the property was assessed at $4,695,000, said Mayor John Coiro, with the agreed upon assessment being $4 million. …

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