Under the program, property owners and tenants would apply jointly for significant property tax relief in proportion to the property owner’s loss of revenue. In exchange for the property tax relief, the owner would agree to not evict a tenant for non-payment of rent for one year from the date of approval of relief.
The loss in revenue due to COVID-19 for both landlord and tenant must be greater than 33 percent of regular income for the tenant space and respective business in order to qualify. The City will significantly reduce the property tax of the tenant’s space, through cancellation, depending on the specifics of the arrangement between the tenant and property owner. Depending on the length of the shutdown and extent of income loss, the tenant and property owner may re-apply after 12 months.
To learn more, you can contact Newark's Tax Assessor Aaron Wilson by email at firstname.lastname@example.org or by phone at (973) 733-8509. To apply include the completed application and documentation as attachments.
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