A plan to create a two-tiered assessment structure in the Atlantic City Special Improvement District was approved by the Casino Reinvestment Development Authority on Tuesday.
Beginning in July, properties within the Marina District will now pay $28.50 per $100,000 of assessed value, while all other properties pay $38 per $100,000 of assessed value.
This marks the first time the SID has used varying rates. The change was made in part due to litigation brought by Borgata Hotel Casino & Spa arguing that Marina District properties do not receive the same benefit as properties along the Boardwalk.
The reduction creates a $185,512 shortfall in SID’s 2013 budget, which will be filled by CRDA financing. The budget amendment was also approved Tuesday.