Required annual audits for properties in Kearny benefiting from Payments In Lieu of Taxes (PILOTs) were recently delivered to the Town of Kearny’s Finance Department, thereby allowing for final calculations of amounts due the Town for 2020. These properties pay both land taxes and PILOT payments, which are calculated based on a percentage of their gross revenue. The PILOT payment component is in lieu of a full assessment on the land’s structural improvements. State law enables the use of PILOTs to incentivize the redevelopment of unused or vacant properties.
2020 data for several properties benefiting from PILOTs are provided below. In addition, data is also provided showing what the tax payments were on each of these properties prior to their redevelopment and entry into PILOT agreements.
ADDRESS PILOT LAND TAX PAID 2020 TOTAL PAYMENT
311-337 Bergen Ave. $162,939.44 $39,809.55 $202,748.99
350 Bergen Ave. $296,309.51 $95,280.67 $391,590.18
113 Passaic Ave. $420,495.92 $159,259.18 $579,755.10
435 Bergen Ave. $478,559.31 $189,113.72 $667,673.03
GRAND TOTAL $1,358,304.18 $483,463.12 $1,841,767.30
TOTAL TAXES PAID IN YEAR PRIOR TO PILOT:
311-337 Bergen Ave. $57,476.17
350 Bergen Ave. $81,559.00
113 Passaic Ave. $66,000.00
435 Bergen Ave. $0 (Town-owned/vacant)