Nine years ago, casinos owned 85 percent of city’s real estate
Casino closings have big impact on Atlantic City’s property-tax base
(US).- The loss of 8,000 jobs in Atlantic City's casino industry in the last 12 months has sent shock waves through the region's economy, but an even more precipitous collapse is underway in the city's property-tax base.
2015-01-19
Reading time 35 seg
(US).- The loss of 8,000 jobs in Atlantic City's casino industry in the last 12 months has sent shock waves through the region's economy, but an even more precipitous collapse is underway in the city's property-tax base.
Casinos now account for about 55 percent of the assessed values and are expected to keep falling, Mayor Don Guardian said last week.
A proposal by New Jersey Senate President Stephen Sweeney (D., Gloucester) to stabilize Atlantic City's tax base by allowing the casinos, in aggregate, to pay a flat rate of USD 150 million this year and next year instead of volatile property taxes gained traction Wednesday when Atlantic City and Atlantic County agreed on how to split that money.
County Executive Dennis Levinson scheduled a meeting Monday to discuss the revenue agreement with Atlantic County mayors, who have had to raise property taxes to make up for declines in casino assessments.
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