A number of successful tax appeals played a large role in the proposed increase of about 4 percent for Ventnor’s municipal tax bill in 2013, even as the tax levy decreased.
For the average residential assessment of $386,265, the proposed rate means an annual municipal tax bill of about $3,310, an increase of about $123.
Much of the proposed rate increase of about 3.2 cents per $100 of assessed valuation stems from successful tax appeals, Mayor Mike Bagnell said.
“The biggest part of it is the fact that so many properties were reassessed last year,” Bagnell said. “Many of them (were) beach-block homes. Their assessments were reduced, and we lost a lot of revenue by that.”
The total general budget would be about $29.4 million, City CFO Toro Aboderin said. The tax levy would decrease by about $819,000, or about 4 percent, to about $21.3 million.
The municipal tax rate would rise to about 85.7 cents per $100 of assessed value, or about $857 per $100,000, compared with about 82.5 cents per $100 in 2012. The rate does not include school, county and other types of property taxes.
A hearing on the proposed budget is scheduled for 5:30 p.m. Thursday, April 18, at Ventnor City Hall.
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