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That tax, which equates to $1 for every $1,000 assessed property value, is due in April.
It would shield from taxes 75percentt of the first $200,000 in assessed property value, and 15percentt of the next $300,000.
He said the planned developments would double the borough's current assessed property value of $1 billion, producing an additional $13 million a year in local taxes.
To arrive at 79percentt, Mr. Franks had to compare the Jersey City tax rate last year -- $2.02 per $100 of assessed property value -- with the 1994 tax rate, $1.13 per $100.
The tax levy is the total amount to be raised by a city from property taxes, as distinguished from the tax rate charged for every $1,000 in assessed property value.
Taxpayers went along with the project, Ms. Soares said, because Act 60's tax-sharing mechanism drove the town's tax rate down from $1.67 to $1.55 per $100 of assessed property value.
Similar(49)
BY law, every five years each municipality in Connecticut must recalculate assessed property values.
White Plains in particular has also contended with lower assessed property values, losing about $130 million on its tax rolls during the past 20 years, with a reduction last year of $6.3 million.
Some, like New Rochelle, have been forced to increase tax rates to make up for the erosion of assessed property values.
Tagliaferri's operation and Bartels bought the Méridien hotels for slightly less than their independently assessed property values.
More citizens than ever are challenging their assessed property values as they struggle to keep up with their impossibly high taxes.
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