Mayor Ras J. Baraka will announce an Innovative Five-Year tax abatement for business and housing construction throughout the City tomorrow. This announcement will be made on Monday, January 11, at 1 p.m. at City Hall Rotunda, located at 920 Broad Street, Newark, NJ. The Five-Year tax abatement plan will cover areas outside of the downtown district, airport, and seaport benefit from tax ordinance.
Newark, NJ -- Mayor Ras J. Baraka, Deputy Mayor for Economic and Housing Development Baye Adofo Wilson, and Newark Municipal Council Members will host a ceremony at City Hall First Floor Rotunda, to sign a Municipal Ordinance that will spur development by holding real estate taxes steady until 2020 for multiple dwelling, commercial and industrial redevelopment projects.
The legislation offers will carry tax-base until 2020 for newly constructed multiple-dwelling commercial or industrial properties in Newark Neighborhoods outside of the downtown district, the Newark Liberty International Airport and the Newark Seaport.