OCEAN CITY, NJ — Ocean City homeowners will be paying higher property taxes in the upcoming year, if City Council approves the proposed 2024 municipal budget.
Details of the $110.1 million budget were shared at the latest City Council meeting, where city chief financial officer Frank Donato gave a presentation. The proposed budget will be formally introduced at the April 11 meeting and a public hearing and final vote are set for the April 25 meeting.
The budget has a 3.7 cent tax increase, according to Donato. This means the owner of the average Ocean City home, assessed at $650,000, will pay an extra $241 annually, he said.
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This increase comes as the cost of nearly everything has gone up, including insurance, city salaries, trash collection and more, Donato said. The people-related costs like salaries and benefits make up more than half of the budget.
Ocean City will use $6 million of its surplus for the budget, and will keep the remaining $5.4 million in surplus in case of emergencies, Donato said. Having an emergency fund is beneficial, plus it helps with the financial strength of the city, he said.
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Revenue sources like beach tags, licenses, fees and permits help pay for the budget, Donato said, adding that the city was “lucky” to have so many sources.
You can watch video of Donato’s presentation here, see his slides here and review the draft budget here.
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