Homeowners' Tax Meeting A Wash

City manager Terry Reidy answered questions for Asbury Park homeowners last night on the city's tax dilemma. Many homeowners who feel their assessments and taxes are too high were present.

Unfortunately, Reidy failed to cover several points:

• How can we evaluate any of the elements of our tax dilemma without acknowledging and studying the real dynamics involved?
• He couldn't explain how much of a share of the local tax new waterfront condo owners will pay. Instead he offered to hold a separate meeting on this with an expert who can explain it. This increased tax giveaway has already been made law by a new city ordinance. When does our city manager, Mr. Reidy, plan to master these details? Our city manager should understand and be ready to explain this generous tax abatement whenever he's asked to do so.
• Mr. Reidy explained that other developers are now getting similar but not identical tax abatements on a "case by case" basis. Doesn't this mean that non-developers, we individual homeowners, will have to pay the tax these developers are exempted from having to pay? If not, who is making up the difference?
• How much of our tax shortfall is a result of no waterfront building?
• How much of our tax shortfall is a result of property sold to the waterfront redevelopment rights holder who then tore down the ratables on that land, reducing his property tax? What's the number on that lost revenue?
• Why wasn't it made clear that Paramount and Kushner have refused to put a shovel in the ground until the original tax abatement, currently in the plan, is increased to grant more tax relief to the new waterfront condo owners?
• Why isn't this tax abatement ever described as what it is - lost or delayed revenue?
• Why isn't it made clear that the abatement goes to the condo owner, not the builder? Or would that weaken the argument that builders need incentives to offset their risk of building on the waterfront?
• Why don't our leaders discuss "the deal" the developers are getting? Why hasn't it been made clear that the redevelopment rights holder, Asbury Partners, is asking for a huge chunk of money from the waterfront builders, possibly as high as $100,000 per unit? To date Restore is told that recent deals call for redevelopment fees of $75,000 per unit, infrastructure fees of $17,500 (yes, Asbury Partners is still praised for replacing our infrastructure), and sales commissions of 7% per unit.
• Why isn't "The Deal" explored for what it is - an added cost for the builders?  Where are builders supposed to make up this $100,000 on each unit?
• Why isn't "The Deal" acknowledged as an obvious reason for why these builders need to offer their buyers a tax incentive to live on the oceanfront? These condo buyers don't need an incentive for an ocean view; they need an incentive to pay a premium for the condos. The premium that is going back to Asbury Partners.
• How can we evaluate any of the elements of our tax dilemma without acknowledging and studying the real dynamics involved??