LAKEWOOD TOWNSHIP COMMITTEE TO GRANT ADDITIONAL TAX CUTS FOR COMMERCIAL BUILDINGS

Lakewood's Township Committee last year granted $4 million in short and long-term tax cuts for commercial buildings.

As a result, as previously reported here on FAA News, back in July 2023, the Township Committee recouped this loss by increasing our taxes $4 million.

Never ones to just sit back and keep things stable, the Township Committee is set today to vote on Ordinances granting yet additional tax cuts for new commercial buildings.

Ordinance 2024-008 will grant a 5 year tax abatement to Pine Belt Mazda which is located at 1104 Route 88, Lakewood.

Ordinance 2024-012 will grant a 5 year tax abatement to building 3 at 485 Oberlin Avenue. 

(5 year tax abatements are structured so in the first year they pay 0%, then an additional 20% each year for the next 4 years.)

The Township's Ordinances state:

The Township Committee finds that this project qualifies as “construction” and as a “project;" that the project will significantly contribute to the expansion of commerce within the Township and with the eventual increase to the tax base of a substantial ratable; that the construction of these facilities will provide increased job opportunities within the Township; and that the project shall contribute toward the inducement of other projects to locate within the Township, thereby enhancing and improving the economic climate of the Township.