Atlantic County residents face substantial tax increase after proposed city budget
Atlantic County residents could see a substantial increase in taxes this year.
In Atlantic City’s first budget address since the state took control of its finances, city and state officials announced the county would not be receiving the 13.5 percent of casino payments in lieu of property taxes promised last year before the legislation was passed.
Instead, the county will receive 10.4 percent of the annual so-called PILOT agreement.
The move is a major blow to the county that ultimately will cost taxpayers $40 million to make up the difference over the 10-year lifespan of the bill, officials said.
Read more: http://www.pressofatlanticcity.com/news/atlantic-county-residents-face-substantial-tax-increase-after-proposed-city/article_005cf19f-cbdf-5e5b-aaa3-2d7ccf3b0f64.html