Galloway Residents Face Significant Tax Increase Under Casino Stabilization Plan

Galloway residents are looking at the possibility of an increase in taxes by as much as $119 a year under a proposal that offers millions of dollars in tax relief to casinos, The Press of Atlantic City reports.

It depends on what form the proposal takes.

If casinos are permitted to make payments in lieu of taxes (PILOT), Galloway residents may see an increase of $44, according to the report.

However, if the casinos are granted tax exempt status, that increase could be $119, according to the report.

The Atlantic County Board of Taxation released the figures on Tuesday. The plan is pending final approval by the State Legislature. It would then need to be signed into law by Gov. Chris Christie.

For more, visit pressofatlanticcity.com.