This Monday, December 19, the Pleasantville, NJ City Council will take a final vote to approve or deny a 30 year tax break for 180 apartments to be built by Scarborough Properties near Pleasantville Yacht Club.
Pleasantville now has the 8th highest real estate tax rates in NJ. A $180,000 home pays $8,629 per year. Under the proposed P.I.L.O.T. (Payment In Lieu of Taxes), each new apartment, which will be worth at least $180,000, would pay roughly $2,100 each year for the next 30 years. (There would be small costs of living adjustments after the 6th year).
Pleasantville spends roughly $22,732 on each child in its public schools. One school age child in one apartment would cost the city roughly $20,000 more than it collects in taxes just for public school. This does not include costs for police or fire protection or other city services.
That cost would be shifted to other Pleasantville property owners who already pay 8th highest tax rate in NJ.
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