What you need to know when negotiating tax abatements.
 
 
                                           tax rate                         %
county tax                              .530                         13.03%
county health tax                    .010                             .25%
county open space tax            .033                             .81%
 
      sub-total                           .057                         14.09%
 
District school tax                  1.253                         30.79%
 
Local municipal tax                 2.243                        55.12%
 
Total 2004 General Tax Rate   4.069                    100.00%
(per hundred of assessment)
 
Tax assessor  office          City Of Asbury Park     July 29,2004
 
 
 
Would you offer 50% tax abatement? Ocean front? Would you copy the City of Long Branch Plan? Did Asbury Park change city tax lawyers recently? Was this lawyer sick or replaced?
 
Something that offers taxpayers relief? Once condos reach a certain price, tax abatements are capped.
 
Hint
 
Local municipal tax                 2.243                         55.12%
 
At 50% what happens to the other 5.12%     Somebody please explain
 
Is the developer is asking for adjustments for proprieties where the buildings where torn down? Come to the council meetings. Ask questions?
 
Will the Hotel Gardner (total assessment value $431,800) be torn down? Do you want to pay for this $17,531.00 tax ratable lost.
 
Do you know if Asbury Park will be fiscally solvent in 2005? Will a revalue kick in? Taxes up?
 
Come to the council meetings. Ask questions?

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