RED BANK: COUNCIL DROPS REVERSE APPEALS

red bank nj oceanfirst hqThe OceanFirst Bank headquarters was the subject of a reverse appeal case settled Wednesday. (Photo by John T. Ward. Click to enlarge.)

By JOHN T. WARD

hot topic red bank njBombarded by criticism from the business community, the Red Bank council on Wednesday dropped a plan to pursue a new round of  “reverse appeals” against commercial properties it believed to be undertaxed.

But first, the council approved the settlement of an older reverse appeal that will boost the taxable value of a downtown building by 69 percent over three years. And battles over cases filed in 2018 continue.

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RED BANK: ‘REVERSE’ TAX APPEALS ON AGENDA

8 east front st. red bank njA law firm hired by the borough says 8 East Front Street, which sold last year for $5.68 million, is improperly assessed at just under $3 million. (Photo by John T. Ward. Click to enlarge.)

By JOHN T. WARD

red bank taxesA year after authorizing a law firm to go after owners of properties believed to be undertaxed, the Red Bank council is expected to renew its “aggressive” approach this week.
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RED BANK: COUNCIL OKS ‘REVERSE’ APPEALS

Mayor Pasquale Menna shows off the 1925 and 1926 tax bills for a Red Bank property during Wednesday’s council meeting. How much were they? Read on. (Photo by John T. Ward. Click to enlarge.)

By JOHN T. WARD

The borough of Red Bank, hammered in recent years by tax appeals, is going “aggressive” at the urging of Mayor Pasquale Menna.

At its semimonthly meeting Wednesday night, the council approved hiring a law firm to sue commercial property owners whose assessments appear to be low relative to the real estate market.

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