Shopping center gets tax assessment lowered

By Audrey Levine Staff Writer
   Despite the Borough Council’s approval of a lowering of the tax assessment for the Marketplace on North Main Street, residents will not be greatly impacted in their own tax bills, according to Borough Administrator Gary Garwacke.
   The council unanimously approved Monday a resolution to reduce 2006 and 2007 tax assessments on the Marketplace property from $43,555,200 to $41,302,500, a reduction of $2,252,700.
   The adjustment will save the shopping center’s owners $39,872 in property taxes next year, based on the current tax rate of $1.77 per $100 in assessed value.
   The loss of revenue from the business will be spread across all borough properties, which Mr. Garwacke points out, won’t affect the tax rate very much.
   ”The rate goes up a little, but there is not much impact on others,” he said.
   Property owners can appeal their tax assessments between January and April. Mr. Garwacke noted most of the appeals usually come after a reevaluation in the town. Following the borough revaluation in 2005, 87 property owners filed appeals and won reductions in assessments totaling $1.84 million.
   The borough’s assessments totaled $520 million in 2006.
   Mr. Garwacke said that major property owners — such as the Marketplace — often appeal, because of the higher assessed values of the properties. “It is worthwhile for them to do so,” he said.
   Unlike residential properties, business properties can be assessed on the value of the business or goods, in place of the value of the land and structures.