Wal-Mart Subsidies in Lumberton, NJ
|Address||1740 Route 38|
|Type of Facility||discount store|
|Value of Subsidies||$534,000|
NarrativeWal-Mart received a property tax abatement for a discount store built in a redevelopment zone. The abatement phased in the assessed value of the discount store building at 20% per year over a five-year period. A city official estimated that Wal-Mart would have paid $246,000 per year in property taxes without the abatement, but instead paid only $68,000 in property taxes on the value of the land. We estimate the five-year savings to Wal-Mart at $534,000.