After delivery of all required audits for properties in Kearny benefiting from Payments In Lieu of Taxes (PILOTs), calculations of amounts collected by the Town of Kearny for 2021 have been finalized.  The owners of these properties pay both land taxes and PILOT payments annually, some of which are calculated based on a percentage of their gross revenue. The annual 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.

2021 data for properties in Kearny benefitting from PILOTs are provided below.  In addition, data are also provided showing what the tax payments were on each of these properties prior to their redevelopment and entry into PILOT agreements.

ADDRESS                                           PILOT PAID         LAND TAX PAID           TOTAL 2021 PAYMENT

311-337 Bergen Ave.                              $162,939.44                  $39,790.58                       $202,730.02

350 Bergen Ave.                                   $296,309.52                 $95,235.26                        $391,544.78

113 Passaic Ave.                                    $642,027.97                 $159,183.27                         $801,211.24

60 Passaic Ave.                                     $513,293.92                  $76,016.25                         $589,310.17

435 Bergen Ave.                                  $479,496.76                $189,023.58                       $668,520.34

90 S. Hackensack Ave.                        $474,262.15                  $58,432.91                        $532,695.06

77 S. Hackensack Ave.                         $123,460.31                $168,504.44                        $291,964.75

GRAND TOTAL                              $2,691,790.07              $786,186.29                   $3,477,976.36

TOTAL PROPERTY TAXES (LAND & STRUCTURAL IMPROVEMENTS) PAID IN YEAR PRIOR TO PILOT AGREEMENT:

311-337 Bergen Ave.                                        $57,476.17

350 Bergen Ave.                                             $81,559.03

113 Passaic Ave.                                             $66,048.49

60 Passaic Ave.                                             $76,052.50

435 Bergen Ave.                                           $ 0 (Town-owned/vacant)

90 S. Hackensack Ave.                                $124,356.02

77 S. Hackensack Ave.                                 $109,312.69

TOTAL                                                      $514,804.90