NJ settles tax appeal cases filed by casinos
In tax appeals, casinos claimed they paid more in taxes than they should have. However, under the new agreement gaming facilities will pay a total of USD 120M a year.
As part of the deal, properties can no longer appeal their property taxes.
"This is the culmination of my administration's successful efforts to address one of the most significant and vexing challenges that had been facing the city. City residents can breathe easier knowing the state put the city in a much better position to preserve public services," said Governor Christie.
The settlement comes six months after the state reached a tax appeal agreement with Borgata, in which the city agreed to pay $72 million of the $165 million the casino was owed.
"The city was overwhelmed by millions of dollars of crushing casino tax appeal debt that they hadn’t unraveled when we arrived last fall,” said former U.S. Sen. Jeffrey S. Chiesa, the state’s designee leading the financial-recovery effort for Atlantic City.
The settlement agreements covers various tax appeals filed by different gaming facilities in Atlantic City from 2014 to 2017.
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