Mayor Gillian unveiled his 2023 budget on Thursday, and in it comes a $0.017 local tax rate increase.
Here’s how OCNJDaily.com described the proposed hike:
However, the proposed 2023 budget will include a 1.7-cent increase in the local tax rate. For a homeowner with a house assessed at $500,000, that will mean approximately an additional $75 in taxes per year, Chief Financial Officer Frank Donato said.
OCNJDaily
And here’s how Mayor Gillian explained it in a public letter starting with “Dear Friends”:
This is the first step in the budget process. Finance Director Frank Donato will make a presentation on budgeted revenues and appropriations at the March 23 City Council meeting. At later meetings, City Council will formally “introduce” the budget and then work on potential revisions until a final public hearing and vote.
Mayor Gillian
But the mayor noted that the city’s auditor called 2023 “a year like no other with all the increases” and that few towns will be able to avoid a 5-cent tax rate increase.
The rate increase works in tandem with a $262 million increase in assessed valuations (new construction, property improvements and so on). This all means the city will take in an additional nearly $3.5 million in taxes.
Here’s what it looks like in the official proposed budget:
Citing inflation and rising costs, the city recently also increased costs on beach tags:
- Daily: $5 -> $10
- Weekly: $10 -> $20
- Seasonal: $25 -> $35
The city is also considering small increases in parking rates and the like.
Despite the mild increases, Gillian noted that “owning a home in Ocean City remains one of the best investments anybody can ever make.”
