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10/13/2011 - Hamilton Ratables Increase by $70 Million in Assessed Value Over Last Year

 

Hamilton Ratables Increase by $70 Million

in Assessed Value Over Last Year

 

After years when ratables have decreased all across the state and country, new tax data from the past 12 months reveals that Hamilton Township’s ratables have increased by $70 million in assessed value during the past year.  

 

“New commercial properties and increased investment of existing properties show vibrancy in our local economy over the course of the past 12 months,” explains Hamilton Township Mayor John Bencivengo.  “And when you look at the several renovations and construction projects taking place right now – such as along Route 33, it shows that economic opportunities are still expanding in Hamilton Township.”   

 

Over the past 12 months, new or expanded businesses such as Villa Romanza, Cheeburger Cheeburger, Customer’s Bank, Quakerbridge Pharmacy, Capital Health Systems Women Healthcare, Princetel, China Express, Dollar Tree, Weight Watchers, Destiny Theatre, US Logistics, Comfort Keepers, Euro RSCG Life, Cross Fit Mercer, TJ Maxx, Palermo’s, 8 Black Forest LLC, Cronos, Vera Bella, Hot on the Spot, Foundation Title, 20/20 Eye Care, Doraldo’s Pizza, Raining Cats and Dogs, Hamilton Pediatricians, Yogurt Land, Briarwood Pharmacy, Learning Express, Cordstrap USA, Propoganda Salon, Critical Math and expansions by PSEG have helped to expand Hamilton’s ratable base.

 

“Despite the over 160 new business openings in Hamilton during the past 4 years, the taxable net assessed valuation in our community has decreased in recent years because of the effects of the national and global economic downturn.  However, the past year will be the first year since 2008 that our net assessed value has increased.  This is certainly positive news for next year’s budget, although the new budgetary process is still a few months away,” says Hamilton Township Business Administrator John Ricci.

 

Not included in these positive statistics are renovations taking place now, such as of Hamilton Plaza on Route 33 and the former Siperstein’s site that will bring a new Walgreens, as well as construction that will bring the International House of Pancakes (IHOP) to Hamilton, which will not factor into Hamilton’s ratable base until at least 2013.

 

“Our Economic Development team discusses how we can continue to help expand local economic opportunities to benefit our residents and our entire community on a daily basis,” says Mayor Bencivengo.  “There is still more opportunities awaiting both new and existing local businesses in Hamilton Township, whether it is along our Route 130 corridor or in our Arts and Cultural District.  It is a very promising environment that is full of great potential for further investment and more jobs; and it is something we are very exciting about.”