(Atlantic) Atlantic property tax payers will notice a slight increase in their property taxes if the council approves the proposed fiscal year 2013 budget later this month. Budget sessions have been scheduled for February 20 and 21 to address any considerations by the council.
Atlantic City Administrator Doug Harris says the lion’s share of the increase is attributable to two funds: First, the T & A Employees Benefits Fund will increase $0.33 due to significant increases in health insurance premiums, and a 30-percent increase in the cities Worker’s Compensation Insurance due to the city’s experience modification rates. The second contributing factor is the increase of $2.26 in the debt Service tax levy.
Under the proposal, this would mean a property tax payer with a house valued at $100,000 can be calculated as follows: $100,000 x .507 (rollback) x $0.61/1000 equals a $30.93 tax increase for fiscal year 2013.
The budget will be presented to the Atlantic City Council Wednesday night at their meeting that starts at 5:30 p.m., at City Hall.
February 13, 2012
11:00 a.m. newsupdate