Law Would Give Nutley Temporary Aid to Compensate for Lost Roche Taxes
Board of Commissioners resolve to ask state legislators to push property tax relief act for towns that lose major corporate tax money
The Nutley Board of Commissioners on Tuesday night discussed a state legislative bill to help with a tax revenue shortfall caused by the departure of Hoffman LaRoche.
The commissioners passed a resolution to support a state bill called "Corporate Disinvestment Property Tax Relief," and asked state Assemblymen Ralph Caputo and Ronald Rice to push the change that would benefit all township taxpayers, Commissioner Thomas Evans said.
The resolutions states that the commissioners "are committed to protecting the taxpayers of the township from any undue financial burden arising from the Roche departure."
"This would provide us with a temporary increase in state aid arising from the closure of Roche," Evans said. "It is meant to be temporary, that in the event of a shortfall, so we can cover the cap in our tax revenues so that the taxpayers of Nutley don't have to pay the extra taxes. I think it fits."
Evans said the bill makes clear that any changes would not be permanent.
"Municipalities have to stand on their own, but for any town that meets these criteria of a major closure or divestment of tax revenues," Evans said. "It is very limited, and helps smooth things over while the municipality pursues another avenue to fill the void."
Commissioner Mauro Tucci called the bill "a great piece of legislation," but said he is "a little concerned as to timing. There are still some things we're speaking to Roche about."
Roche was the town's biggest employer known for its groundbreaking research was leaving the iconic 127-acre campus partly in Clifton on Route 3. The compnay pays about $9 milion in property tax to Nutley.
Officials said last summer that the governing body and town's professionals are uniting to ensure the best outcome for residents.
The resolution passed in July outlines the commissioners plans to use town attorneys, planning and zoning officials, and tax professionals and possibly outside tax counsels to tackle lost tax revenues, possible contamination of the site and how best to use the property.