A fairly large, some say massive, tax hike will soon be targeted to a segment of AC property owners. Most are worried, but not casinos. This tax hike will not affect them.
Yikes. Thus is not a small tax hike either. An extra $676.50 on a $150,000 home.
What happened? We thought AC Council President Marty Small (oversees Rev & Finance for AC) had this under control.
Just a few week back, AC learned that the sh*tty PILOT deal they signed a few years back, is getting sh*ttier by the day. When casinos hit certain revenue highs, money to the city, will actually start declining. wtf?
Ratables are down. Millions of tax-appeal refund dollars from Atlantic County will soon dry up.
According to the Press of Atlantic City, one particular homeowner just discovered their 2019 tax bill was about $800 higher than last year’s. Their taxes are going up to about $8,300 a year from about $7,500.
- Biggest tax increase will come from Atlantic County. An extra $373.50 on a $150,000 home.
- AC School tax increasing by $297 on a $150,000 home.
- AC school tax rate is up 20 cents.
Higher taxes could put the brakes on someone trying to sell their Atlantic City home. Potential buyers will certainly pause before jumping in.
Atlantic City Re-Assessment is Coming. Tough love that should prove beneficial in the mid to long term.
Blame the PILOT law. Ya know… that’s where casinos, Stockton, Tanger Outlets and others enjoy fixed or NO taxes. This shifts the burden to Atlantic City homeowners.
From Press of AC > An obscure provision buried within the casino PILOT law is going to deliver yet another setback.
If Atlantic City’s casinos eclipse $3 billion in total gaming revenue this year, the resort would actually receive about $14 million less from the industry in 2020 because of a crediting mechanism built into the 2016 legislation.
From ACprimetime OCT 2017:
Who drafted the infamous PILOT bill? This is where the casinos get a MASSIVE tax break.
In 2016, the casinos hired Optimus Partners as their lobbyists. One partner was Republican Jeffrey Michaels, a close friend and ally of Republican Governor Chris Christie. Jeffrey Michaels is also the brother of Port Authority Police Lieutenant “Chip” Michaels who chauffeured Authority Chairman David Wildstein to inspect the traffic jam Wildstein created at the George Washington Bridge. The other partner was Democrat Philip Norcross, brother of South Jersey Democratic powerbroker George Norcross.