Morristown hospital tax settlement figures to be first of many in the state


http://www.njbiz.com/article/20151111/NJBIZ01/151119929/morristown-hospital-tax-settlement-figures-to-be-first-of-many-in-the-state

Morristown Medical Center is the key to a property tax dispute between the municipality and Atlantic Health System.

Atlantic Health will make the initial payment of $10 million, then pay another $5.5 million in penalties and interest in annual payments through the year 2025 to settle the years in dispute, 2006 to 2015. The system also will begin making annual tax payments on 24 percent of the property, which was agreed to be valued at $40 million, through 2025. That will mean additional payments of $1.05 million a year for 10 years — making the total eventual tax payment more than $25 million.

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