All three Downbeach towns announced added assessments that will help stabilize taxes in 2019.
Margate had an additional $35,125,700 come on the books thanks to redevelopment of residential properties.
“The number is very consistent. Last year, we had a booming year. The best-ever in terms of assessments. It was a total last year of $43 million, but for the last several years it’s been $35 million,” Administrator Richard Deaney said on Oct. 4.
“Unlike many towns, this consistent 1 percent growth is a healthy, healthy sign of the values in Margate,” Deaney said. “These are positive signs with respect to the investments that our residents have in this community.”
Building activity is expected to continue at the same pace through winter, Deaney said.
Ventnor Tax Assessor William Crowther announced Sept. 27 that the city had $16,596,000 in added assessments this year, up from $13.9 million in 2017. The increased valuation will also result in an increase in tax revenue of $230,420, up from $177,607 in 2017, he said.
“We’re doing a little better every year.”
Although a total revaluation in 2016 resulted in a $100 million loss in ratables, the city has recovered and added an additional $30 million in value, he said.
Added assessments include rebuilding larger new homes, additions, decks or “anything that adds value to a property,” Crowther said.
Exact numbers are not yet available for Longport, but Chief Financial Officer Jenna Kelly said the borough expects it will be in line with increases over the past few years.
“We are usually between $17 million and $22 million added each year, so we are pretty consistent,” Kelly said.
Ventnor reduced its tax rate last year by 1.3 cents, while Margate’s and Longport’s tax rate remained stable.