Atlantic County's proposed $194 million budget will require an equalized county tax rate increase of .47 cents (less than half a cent), based on the final municipal assessments from the Atlantic County Board of Taxation.
The equalized county tax rate would rise from 30.8 cents per $100 of assessed value in 2011 to 31.27 cents, an increase of a little more than 1.5 percent.
County officials said they are pleased that the increase was not higher.
"This exceeds our best hopes," Atlantic County Executive Dennis Levinson said. "I presented a worst-case scenario to the Board of Freeholders on Jan. 24 with the qualification that the final increase could be substantially less. I doubt anyone will complain that we were slightly off our low end mark."
When he introduced the 2012
Levinson attributes the difference to higher property tax assessments than were originally expected. Longport and
The Atlantic County Board of Freeholders is expected to adopt the 2012 budget at its meeting later today (Tuesday, Feb. 21). The proposed $194 million budget includes $152.7 million to be raised by taxes, $4 million less than allowed by the 2 percent state budget cap.
A county news release notes that operating expenses will increase by a modest .13 percent, despite a weak state and local economy, an increase in state-mandated expenses and a decline in revenues of $625,555.
"Sound management has allowed the county to maintain programs and keep tax increases low, even while its sources of revenue continue to fall," Levinson said. "With the bipartisan support of our Board of Freeholders we are well prepared to meet the challenges and opportunities that will present themselves during 2012."
