Page 4 THE VILLADOM TIMES IV • February 27, 2013 Mahwah Township settles more commercial tax appeals by Frank J. McMahon The Township of Mahwah has settled several more commercial property tax appeals that had been pending in the Tax Court of New Jersey, which hears appeals of decisions made by county boards of taxation. Three of the tax appeals were filed by AMB Properties, LP, a real estate investment trust that owns several buildings in the township. One of the tax appeals concerns the building at 320 Route 17 South, which is currently occupied by the FedEx shipping company. That appeal is for 2007 through 2012, and the settlement agreement reached between the owner and taxpayer of the property provides that AMB Properties will withdraw its complaint for the 2007 and 2008 tax years, leaving the $6,800,000 assessment in place for those years. The settlement agreement, however, reduces that tax assessment for the 2009 and 2010 tax years to $6,000,000, resulting in a $16,504 tax refund for 2009 and a $16,992 tax refund for 2010. The settlement also reduces the tax assessment for 2011 from $10,500,000 to $9,500,000, resulting in a $15,800 tax refund for that year, and the assessment for 2012 will be reduced from $10,500,000 to $9,250,000, resulting in a $20,325 refund. Those property tax appeals will result in refunds to the property owner totaling $69,621. Another appeal concerns a property at 100 Corporate Drive that is also owned by AMB Properties and is currently occupied by D&M Holdings, Inc. That appeal is also for 2007 through 2012. According to that settlement agreement, the appeals for 2007 and 2008 will be withdrawn and the tax assessments of $5,713,900 will remain in place for both of those property tax years. This agreement, however, reduces that tax assessment for this property for 2009 and 2010 from $5,713,900 to $5,000,000, resulting in refunds of $14,727 and $15,163 for those two years. The taxpayer has agreed to withdraw the appeal for 2011, leaving the $9,330,000 assessment in place, but the settlement calls for a reduction of the $9,330,000 tax assessment for 2012 to $8,500,000, resulting in a refund of $13,496. A third tax appeal filed by AMB Properties concerns the property at 200 Corporate Drive which is currently occupied by Alside, a building products company; Supreme Cuts Produce Company, a pre-cut vegetable processor; and the AMB Mahwah Properties Corporation. That appeal is also for 2007 through 2012. According to that settlement, the tax appeals for 2007 and 2008 will be withdrawn while the assessment for 2009 will be reduced from $2,835,100 to $2,400,000, resulting in refund of $9,241. The owner of this property agreed to withdraw the appeal for 2011, and the $4,431,900 assessment for that year will remain intact. But the tax assessment for 2012 will be reduced from $4,431,900 to $4,000,000, resulting in a refund of $7,023. Two other commercial appeals were also settled. One was filed by PNC, Inc., the owner and taxpayer of the commercial property located at 141 Franklin Turnpike, which filed tax appeals for 2011 and 2012. According to that settlement, PNC, Inc. has agreed to withdraw its appeal for 2011, and that $1,601,200 tax assessment will remain intact. The assessment for 2012, however, will be reduced to $1,450,000, resulting in a property tax refund of $2,458. The other tax appeal was filed by Ramapo Gardens, also known as the Rolling Gardens Apartments, the owner and taxpayer of garden apartment property located at 417-477 Franklin Turnpike. This appeal covered 2010, 2011, and 2012. Under that settlement, Ramapo Gardens will withdraw its appeal for 2010 and that assessment will remain at $6,932,000. The 2011 tax assessment will be reduced from $11,478,800 to $11,200,000, and that will result in a refund of $4,405. The 2012 assessment will also be reduced from $11,478,800 to $10,778,800, resulting in a refund of $11,382. All these settlements are predicated on a waiver of any and all pre-judgment interest by the taxpayer as long as the refunds are paid within 60 days of the township’s tax refund bonding.