Ocean City’s $11.3 Billion in Total Real Estate Value Back on the Rise


first_imgA town with a year-round population of just 11,701, Ocean City has the fourth highest combined real estate value of any municipality in New Jersey.Only 56 Ocean City property owners filed tax appeals this year. They reduced the assessed value of their properties by a combined $3.8 million.Those appeals come just two years after 829 tax appeals wiped $108 million of taxable value off the boards in Ocean City and three years after 641 appeals reduced ratables by another $100 million.At the same time, Ocean City is wrapping up a multiyear in-house program that has pro-actively reassessed property values on almost 17,000 of the city’s approximately 19,275 taxable properties. The “compliance plan” reduced combined tax assessments by more than $1 billion.At last, Ocean City’s assessed values appear to be more in line with market values.The net effect of the changes?A stabilized tax rate for all Ocean City property owners.The City of Ocean City and the Ocean City Board of Education in recent years have held tax increases to about 2 percent or below. But with less property value to tax, Ocean City had to increase the tax rate more substantially — even just to collect close to the same overall amount in taxes.Taxpayers shared the tax burden unevenly. The owners who had their property values reassessed in any given year likely paid less in taxes, while those who didn’t paid more.When the overall ratable base falls, tax rates become inflated, Ocean City Finance Director Frank Donato said. It has the opposite effect when the ratable base increases.With tax appeals and reassessments stabilized, and with new construction and rehabilitations on the rise, Donato estimates Ocean City could see more than $100 million in new real estate value this year.That would reverse a trend that saw Ocean City’s overall ratable base fall from about $12.9 billion four years ago to $11.3 billion today. And that would likely lead to relatively stable tax rates.Even with the decrease in the ratable base, Ocean City still has the fourth highest combined real estate value of any municipality in the state of New Jersey. (With a year-round population of 11,701, Ocean City is just the 83rd most populous city in the state.)See the following rankings for 2013 from a state Department of Community Affairs abstract of ratables:Atlantic City: $14.4 billionNewark: $13 billionToms River:$11.4 billionOcean City: $11.3 billionBrick Township: $10.2 billionMiddletown Township (Monmouth County): $9.8 billionFranklin Township (Somerset County): $8.7 billionPaterson (Passaic County): $8.5 billionMillburn Township (Essex County): $8.1 billionBridgewater Township (Somerset County): $8.1 billionThe rankings also include: No. 14, Avalon, $7.3 billion; No. 41, Sea Isle City, $4.9 billion; No. 45, Stone Harbor, $4.4 billion; No. 102, Cape May, $2.8 billion.Donato said the compliance plan “might not be completely done.”  The city has until Oct. 1 to apply to the county to reassess more properties. But with the vast majority of properties already complete, the effect on the ratable base would not be substantial.__________Sign up for OCNJ Daily’s free newsletter and breaking news alerts“Like” us on Facebooklast_img read more

In Short


first_imgRise for AlliedA strong performance by Allied Bakeries in the year to 12 September 2009, helped increase sales at Associated British Foods’ grocery division by 13% to £3,188m. Profit declined by 2% to £191m, mainly due to first-half problems with its ACH subsidiary in the US and a highly competitive UK retail sugar market for Silver Spoon, said the company.Improve-d learningSkills organisation Improve has developed new work-based and vocational qualifications for the food and drink industry, to give employers more control over training. The Improve Proficiency Qualifications (IPQs) and Improve Vocational Qualifications (IVQs) will offer complementary learning and assessment for people already employed in the industry and those looking to get into it.Student starsBakery students at Barking College have played a starring role in an educational video commissioned by Morrisons, capturing what it takes to train bakers of the future. It aims to inspire and inform young people about the quality of the training and development opportunities for a career in grocery retailing.Bacterium researchCampden BRI is bringing together bakery manufacturers and retailers to fund research into whether the bacterium Clostridium botulinum can grow in products such as white and wholemeal bread, naans and muffins.Price inflation The price of a loaf of bread could rise to £6.50 by 2030, according to figures published by Friends of the Earth. The charity has claimed the changing climate will put “extra stress” on land and resources, negatively affecting the yield of crops such as wheat.last_img read more

India beat Australia by 26 runs via Duckworth-Lewis method runs in 1st ODI


first_img SHARE SHARE EMAIL Skipper Virat Kohli today said Hardik Pandya’s blistering half-century at a crucial stage was the game-changer for India in the first ODI of the five-match series against Australia, here.India beat Australia by 26 runs via Duckworth-Lewis method in the rain-affected match to go 1-0 up in the series.Courtesy Pandya’s blistering career-best 66-ball 83 and Dhoni’s 79 off 88 balls, India posted a competitive 281 for seven despite losing the top half for less than 100 after opting to bat.And Kohli said India once again today proved how good their lower-middle was.“We spoke at the toss that we wanted to put on a big score. We lost wickets but MS (Dhoni) and Kedar played well.Hardik and later MS finished it off like he does.“Today was an example of how good the middle and lower order can be,” he said at the post-match presentation ceremony.“Hardik believes in himself, and his innings was the game-changer. He possesses all three skills equally and we are lucky to have him,” Kohli added.The India captain also complemented his bowlers for restricting Australia after the visitors were set a revised target of 164 off 21 overs in the rain-curtailed match.“The bowlers were outstanding as well. It is a matter of giving players confidence. (Yuzvendra) Chahal is very brave and doesn’t say no to any situation. Bhuvi (Bhuvneshwar Kumar) and (Jasprit) Bumrah were very clinical and our bank bowlers,” Kohli said.“After the rain, we felt this was our best T20 attack. We can’t have a more perfect combination.”Rival captain Steve Smith said they lost the plot after reducing India to 87 for five.“Yeah, obviously we got ourselves into a good position.We had them at 5 for 87 and let things off a bit,” he said.Smith said the better side won today.“We lost too many wickets in the middle. You can’t control the weather. No complaints, we weren’t good enough and we were outplayed by India,” he said.Brief Scores:India: 281 for seven in 50 overs (Hardik Pandya 83, Mahendra Singh Dhoni 79; Nathan Coulter-Nile 3/44).Austraia: 137 for nine in 21 overs (Glenn Maxwell 39, James Faulkner 32 not out; Yuzvendra Chahal 3/30). Yuzvendra Chahal, Virat Kohli and Mahendra Singh Dhoni of India celebrate the dismissal of Glenn Maxwell of Australia. – REUTERS Pandya, Dhoni guide India to easy win over Australia Yuzvendra Chahal, Virat Kohli and Mahendra Singh Dhoni of India celebrate the dismissal of Glenn Maxwell of Australia. – REUTERS × COMMENTcenter_img Published on September 17, 2017 cricket SHARE COMMENTSlast_img read more