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Bergen County Real Estate News: January 2007 – Week 2

Bergen county news with an emphasis on aspects affecting real estate, residency and community issues.

Tenafly Limits Parking Time
Edgewater May Delay Again a Property Revaluation
Bergen County Towns Receive State Aid
Bergen County chooses its leaders
Bergen County mall makeover


Tenafly Limits Parking Time

The mayor of Tenafly and its borough council finally voted on a new plan, by which parking would be limited on certain portions of the residential streets only. The plan in the proposed solution for many Tenafly residents’ complains about an increase in the number of parked cars. The areas of Bliss, Elm, Oak and Engle streets will have three-hour parking limitations.

However not all is rosy if the plan takes effect. Both commuters and residents or Tenafly are already concerned that there aren’t enough parking spaces for people who use public transportation. Many also complained that Engle Street being a large thoroughfare must not have these parking regulations. The parking regulations on Engle Street still need to be approved by county officials, as sections of Engle are county property also.


Edgewater May Delay Again a Property Revaluation

A real estate property revaluation in Bergen County’s Edgewater can be postponed for the second time, if the New Jersey state Department of Taxation gives the necessary orders, as the county tax board voted in favor of giving Edgewater another extension. If this occurs then the new property values will not be used for the purpose of calculating taxes until 2008. However the approval for this need to come from the state and the borough is still waiting to hear the verdict on the new extension.

New developments in progress were cited to be the reason behind borough officials seeking the delay in assessments. They added that they wanted to ensure full value. Physical inspections of homes and businesses are complete; however projects under construction still need to be assessed.

A property revaluation was supposed to take place in Edgewater when the state of New Jersey and Bergen county board of taxation ordered one to be effective in 2006. The last revaluation of Edgewater took place in 1999, and the community has been growing at a fast pace since then. However matters turned when an extension was provided to complete the revaluation in 2006 and make the results effective from the year 2007.


Bergen County Towns Receive State Aid

Two towns in Bergen County, along with Passaic County, have received their much-needed Christmas gifts early. Edgewater and Ridgefield will now get extraordinary state aid to help them avoid high property tax hikes this year. This additional state money of $18 million approximately has been granted by the state Department of Community Affairs. The borough of Ridgefield received $200,000 while Edgewater received $350,000. Passaic County however received the biggest piece of the pie at $1.5 million.

This kind of aid is handed out in extreme cases when municipalities are unable to render proper community services without an increase in property tax rate. In times when New Jersey is facing elevated property taxes and tax rates, the program offers relief and a fillip to the struggling municipalities.


Bergen County chooses its leaders

Bergen county residents unseated five mayors in the region, As elections progress. In the region of Closter Mayor Fred Pitofsky lost to Councilwoman Sophie Heymann. While Pitofsky stated he was shocked at this loss, Republican Heymann stated that people had realized that it was time for change and had voted for a more dynamic person in the mayor’s seat. This was the second time in four years that the two had contended for the seat.

River Vale opted for council veteran Joseph Blundo over current Mayor George Paschalis. Many felt that the efforts of Paschalis micromanaging the township affairs may have caused this. The main issue of contention had been regarding the 99-acre Bergen Hills golf course. Paschalis had fought a Federal Aviation Administration plan to reroute air traffic and keep the space open. Opponents also felt that some infrastructure projects like revamping downtown area were expensive affairs and may have led people to unseat him.

In Ramsey, Mayor Richard Muti remained on ‘no comment’ after he lost to the council president Christopher Botta


Bergen County mall makeover

Residents of Bergen County can now look forward to a new look for the Bergen mall. Full-scale makeover of the Bergen mall in Paramus will soon happen from spring next year. Vornado Realty Trust, which owns the project, received complete approval for the $171 million worth makeover for the mall. The borough’s zoning board also gave unanimous approval to the project.

The mall would be renamed as the Bergen Town Center. Work is scheduled to begin in March next year and renovations will first take place on the west side of the property. The renovations are slated to increase the area of the property from 1.2 million to 1.5 million square feet. The plan also includes 4339 parking spaces that would allow for more vehicles.

While developers are excited about the project, residents in the neighborhood are a little skeptical about such a huge construction is too big for their neighborhood. Also the builder needs certain other small approvals from the board regarding signages and other elements.


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