Report: Council Approves $25.8 Million Budget
A 42 percent tax rate increase is countered by lower average home values, The Press of Atlantic City reports.
The increase translates to a 42 percent increase, but is countered by a decrease in the value of the average home, according to the report.
The recent revaluation saw the average home value drop by about 29 percent and resulted in an $800 million loss for the township, according to the report.
The amount to be raised by taxes is $18.5 million, an increase of 1.6 percent, according to the report.