Lyndhurst Borrows Nearly $4 Million to Refund Successful Tax Appeals

The Township of Lyndhurst introduced a $3.75 million bond ordinance last week to refund taxpayers who pursued successful property tax appeals between 2006 and 2009.  Officials cite successful commercial appeals as creating the largest exposure for the Township.  According to Mayor Richard DiLascsio, “Our biggest hit came from the Meadowlands. When you see someone come in and win an appeal on a house, they may get $400 or $500 back in taxes, but you see these places in the Meadowlands; they are recouping a couple hundred thousand dollars.”  The bond exceeds the current judgments and also provides sufficient funds to cover several large pending tax appeals.

 For more, read this story at northjersey.com.

The author wishes to acknowledge the assistance of Cory K. Kestner, Esq., of McKirdy & Riskin, PA, in the preparation of this article.