#GetCivic with Financial Literacy
In my Abatement Series, I’ve discussed the basic premise of abatements, how they are funded, and the impact to conventional taxpayers. In this post I look at Mayor Fulop’s new tax abatement policy for Jersey City, which includes two notable components: Tiering System: A system of awarding abatements based on geographic location or project type1. Each “tier”...Continue reading
On Wednesday night, the City Council approved an 80-unit abatement in downtown Hamilton Park. Here are some of the specs on the property: located at 9th & Brunswick in downtown Hamilton Park a community the abatement will extend for 20 years contain 80 units, including 20 3-bedroom units and 35 2-bedroom units 1.88 kids from the building will attend the...Continue reading
In his 2010 report, “A Programmatic Examination of Tax Abatements,” NJ Comptroller A. Matthew Boxer highlighted numerous weaknesses with abatements. One issue he touched upon was transparency. He stated, “Information concerning abatement[s]…is not published in a transparent manner or centralized location, making it difficult to impossible for the public to compare, calculate the effect of,...Continue reading
This is article #3 in my series about abatements. Article #1 is “Tax Abatements 101: The Basics” and Article #2 is “Tax Abatements 201: Abatement Impact on Conventional Taxpayers.” In my previous post, “Tax Abatements 201: Abatement Impact on Conventional Taxpayers”, I focused on the orange slice of the pie pieces below. In this post I...
This is Article #2 in my series about abatements, which focuses on the impact abatements have on conventional taxpayers. My first post, “Abatement Basics,” is located here. How important are abatements to Jersey City residents? The answer: extremely important. Abatement revenues – also known as PILOTs, or “payments in lieu of taxes” – have increased from 3% of...Continue reading
A basic introduction to the topic of tax abatements in NJ.Continue reading