Tax incentives for businesses on Route 166
The Borough Council has designated the busy strip from downtown Toms River to the Beachwood border as being an area "in need of rehabilitation."
The designation paves the way for business owners to be eligible for tax exemptions under state law according to Borough Administrator Joseph Kostecki. "What that does is, it provides tax incentives for any added assessed values that the property owners want to improve."
The tax abatements are good for five years. "It allows them (business owners) to provide a little bit more income on their end by improving their landscape and a great way to devise other businesses to come in town," said Kostecki.
It will also help bring additional economic revenue and ratables to reduce taxes in South Toms River. Officials plan on meeting with business owners over the next few months to make sure they are aware of the tax incentives.
Kostecki said the redevelopment of the Route 166 corridor and Crab Road also will be starting over the next few months. "Hopefully, the entire redevelopment plan will be done within three years."
The project is a combination of Smart Growth, with economic and environmental incentives. Kostecki adding that a draft plan will be available to the public in the next few months.