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Atlantic City Tax Rate Up

5 February 2004

ATLANTIC CITY, New Jersey – As reported by the Press of Atlantic City: "The city's proposed 17.5-cent tax rate increase would have been nearly double that amount if it weren't for the addition of casino projects to the city's ratable base.

"The new casino construction pushed the value of the city to nearly $7.8 billion, an increase of more than $415 million. That increase alone is about equal to the assessed value of all of Absecon.

"…The casino industry, already reeling from higher state taxes, will feel the brunt of the increase. They account for nearly 80 percent of the city's ratable base. That means casino real-estate taxes will rise by nearly $17 million…"

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