Newark property owners could be spared a tax hike in 2017 thanks to increased lease payments from the Port Authority of New York and New Jersey, city officials told a gathering of local business leaders on Wednesday.
“This new revenue the city will realize from the Port Authority could mitigate the need for a property tax increase,” Newark Business Administrator Jack Kelly told members of the Newark Regional Business Partnership.
“That was very good news to hear,” said attorney Frank Ferruggia of McCarter & English, a nationwide firm with offices in Newark, whose clients include city businesses filing tax appeals.