Massive Tax Hike For Atlantic City Homeowners, Re-Val On The Way Too.

ATLANTIC CITY — Property taxes here are going up this year by a substantial amount — $676.50 on a $150,000 home — even though the city, county and school district all have announced stable budgets.

A loss of property value, and the end of millions of dollars a year in tax-appeal refund credits from the county to the city have conspired to create the situation, said Atlantic County Tax Administrator Margaret M. Schott.

She and her staff were surprised when they worked up this year’s numbers, she said.

https://www.pressofatlanticcity.com/news/local/atlantic-city-property-tax-spike-a-big-surprise/article_5e8b024b-dddf-5ae8-ba57-4980d1ab8a70.html

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ATLANTIC CITY — The seaside resort will soon undergo its first property revaluation in more than a decade and only the second reassessment in the past 40 years.

Friday is the deadline for companies to submit bids to conduct Atlantic City’s revaluation, which was ordered by the Atlantic County Board of Taxation.

The city’s ratable base has shrunk by nearly 86% in 10 years, from $20 billion in 2008 to less than $3 billion last year. But even now, the city’s property base is still overvalued, based on a formula used by Atlantic County.

https://www.pressofatlanticcity.com/news/local/atlantic-city-property-revaluation-coming/article_95d7e566-b926-5932-a87c-2ce79892ec8e.html

2 thoughts on “Massive Tax Hike For Atlantic City Homeowners, Re-Val On The Way Too.”

  1. This is wreckless. My home is assessed at $376K. The tax bill came in yesterday at a $2000+ increase.
    There is nothing achieved for the City of Atlantic City to keep putting the burden of the budget gaps on the back of it’s tax paying home owners.
    Where and how is it expected to come up with this money and to make matters more disturbing to do a Re-Val which will probably raise the value of homes.

    My taxes now are $14,900.00. This is devastating. This is a non ending burden that will keep increasing taxes on property owners and the properties will not even be sell-able as NO ONE will want to pay the TAXES .

    The negativity of the City as it perceived. what a shame, in my neighborhood of Lower Chelsea, close to Stockton and a noticeable increase in new residents purchasing old homes and putting in equity to make them better. How terribly sad. Just not a feasible way to go about building a City on shaky ground as it is .. No one will want to live here and the ones that do will sell at any cost to get out.

    Not one word from the State or City to explain what other options they could offer the taxpayers. No advance notice and a month extra to pay the quarterly taxes.

    The negativity to the City and the handcuffs it now puts on the us all is just a devastating and unending nightmare. We need some help to rectify this disgraceful excuse to balance the budget.

  2. When I was a boy, if I didn’t have it, I didn’t spend it.
    “The Fear Factor is gone”. Uncle sugar will bail you out. no such thing as
    poverty anymore. There is honor and dignity in hard work.

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