In the last few years, Teaneck has approved several Smart Development projects throughout the Town.
Here are some of the changes in revenue based on those projects:
| Name | Increased Revenue | Old Tax | New Tax | Permit Fees | MOST | Assessed Value | Affordable Housing added |
|---|---|---|---|---|---|---|---|
| Hampton Inn/ Homewood Suites | $1,586,986.71 | $18,000.00 | $1,604,986.71 +$318,000 (Hotel Occupancy) | $381,818.00 | $5,020.00 | $50,202,900.00 | |
| Teaneck Square* | $592,060.20 | $81,228.00 | $673,288.20 | $319,716.00 | $2,106.00 | $21,060,000.00 | 7 |
| Avalon Teaneck* | $1,009,525.80 | $273,750.00 | $1,283,275.80 | $805,647.00 | $4,014.00 | $40,140,000.00 | 24 |
| Verizon Building* | $1,183,729.00 | $111,056.00 | $1,294,785.00 | $509,531.00 | $4,050.00 | $40,500,000.00 | 23 |
| 227 Teaneck Road* | $122,534.40 | $15,576.00 | $138,110.40 | $78,201.00 | $432.00 | $4,320,000.00 | 4 |
| Cedar/ River commercial property | $21,261.00 | $37,564.00 | $58,825.00 | $23,458.00 | $184.00 | $1,840,000.00 | |
| 1280 Teaneck Road | -- | $7,728.00 | $7,727.00 | $14,453.00 | $24.00 | $241,700.00 | |
| New Bridge/ River Road | -- | $48,744.00 | $48,745.00 | $37,298.00 | $152.00 | $1,524,700.00 | 2 |
| Walgreens | $65,070.00 | $58,980.00 | $124,050.00 | $25,280.00 | $388.00 | $3,880,200.00 | |
| (* indicates final projected assessment) | |||||||
| Total Increases | |||||||
| Tax Revenue (yearly): | $4,581,167.11 | ||||||
| Municipal Open Space Fund (yearly): | $16,370.00 | ||||||
| Permits: | $2,195,402.00 | ||||||
| Total: | $6,792,939.11 |
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