The Press of Atlantic City reports that auditors presented Brigantine City Council with a budget report that includes the loss of nearly $144 million in property value due to tax appeals in addition to other shortfalls that could lead to a nearly 6-cents increase in the local-purpose tax.
Preliminary data released by the city show that Brigantine lost $143.6 million in ratables this year, which would translate to an estimated $750,000 revenue shortfall in 2014. The auditors report that the tax rate would need to be increased by 1.83 cents to make up for that.
Read More in Press of Atlantic City
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