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.
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.