Atlantic City could face tax increases for 21 municipalities
County officials have blamed the increases for the other 21 municipalities on ongoing issues with the Atlantic City casino payment in lieu of taxes, or PILOT, program and refunds for successful tax appeals.
The city’s proposed budget, the first since the state took over its finances, is USD 35M less than last year’s and reduces the municipal tax rate by 5 percent.
Tax rates would drop in Port Republic and Atlantic City, the latter of which would see the largest rate decrease, 27 cents, for an overall reduction of USD 418 on the average homeowner’s county bill.
Folsom, one of the county’s smallest municipalities in terms of square miles and population, will face the largest tax-rate increase, about 11 cents, or about USD 129 per homeowner.
Folsom Councilmen Ben Pagano and Greg Schenker said the increase is largely because properties are only at 65 percent of their equalized value. The borough has been mandated by the state to undergo a revaluation that will fix the issue. But it will come with a high cost.
“I’m just sad that this is happening,” Pagano said. “This is why we need countywide tax assessments. Something has to get done fast, and it has to be done the right way.
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