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Residents seek clarity after Samsung announces plans to vacate 700 Silven campus; officials say assessment unchanged for now
Summary
Residents asked how Samsung’s planned exit from a major tenant at 700 Silven Avenue will affect municipal tax revenue; borough officials said the property’s assessment remains unchanged through 2026 and that tax appeals or vacancy could affect future revenues, and that county/state economic development partners will assist to find new tenants.
During public comment at the June 10 council meeting, residents urged the borough to explain the fiscal consequences of Samsung’s announced decision to vacate part of the 700 Silven Avenue corporate campus.
Martin Guyger, a resident, asked: "What can we expect with Samsung — will the amount that was exempted be restored or will there be a reduction altogether in assessed value if the building is unoccupied?" Mayor and borough finance staff addressed the question on the record.
The borough’s CFO said the property is assessed at the current valuation (unchanged since 2017) and that Samsung is not the property owner; taxes are tied to the property owner’s assessment and income produced. "Currently they pay about $720,000 in taxes," the CFO said regarding the property as assessed. Officials cautioned that if the owner cannot re‑lease the building, the owner could file a tax appeal in the future tied to lower income, which could reduce the assessed value and borough revenue.
The mayor said any tax‑abatement or incentive given when the tenant located here covered betterment or improvement portions and that the borough has no current legal obligation to refund incentives. He and staff added that the borough is engaged with state and regional economic development partners (including NJEDA and Choose New Jersey) to identify replacement tenants and that some companies have expressed interest in subdividing the space.
Next steps: borough staff said they will continue outreach with property owner, NJEDA and Choose New Jersey to attract tenants and will update the council as commercial occupancy developments become clear. The CFO said taxpayers should expect more clarity on long‑term revenue once the property owner’s plans are finalized or if a formal tax appeal is filed.
