Plainsboro Township has settled a tax appeal with the managers of the Windrows at Forrestal. ##M:[more]##
The settlement, negotiated by Hospicomm (the managers of complex); the township; and Buchlaski, Reynolds and Brodowski of Freehold (the company completing the township-wide revaluation), will allow the assessed value of the company’s two properties to continue to be the same in 2004 but will permit a reduction of nearly $2.9 million, approximately 15 percent, in assessed value for 2005.
“We are currently in the process of revaluation so the township has agreed to settle for one year,” says Susan Abbey, township spokesperson. “They already have an idea what the valuation would be for next year so it’s pretty cut and dry.”
Hospicomm, managers of the complex, and the township have agreed to extend the $12.8 million tax assessment for the 180-bed skilled nursing home facility for 2004, but will lower the assessment to $10 million for 2005. In addition, the assessed value of its 83-apartment assisted-living building will be reduced by $57,"000, to $6.6 million in 2005.
Township attorney Joseph Stonaker told Plainsboro Township Committee at its December 7 meeting that the settlement will avert any tax appeal by the company in 2005.
Plainsboro Township hired Buchlaski, Reynolds and Brodowski last February to conduct its revaluation. It is expected that it will submit its results in February.
The amount of tax a commercial property pays is based on how well a business is doing economically, unlike residential property, which is based on how much it is worth. Any property owner who feels the property valuation is incorrect can appeal its assessment. Tax appeals must be filed by April 1.