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Thursday, February 13, 2003

Levinson Announces 2003 Atlantic County Tax Rate

Atlantic County Executive Dennis Levinson announced today that the Atlantic County tax rate would decrease two cents in 2003.

According to Levinson, at the time the County Budget was introduced on January 14, municipalities had not filed their tax books with the County Board of Taxation, so he and his staff were conservative when they projected the 2003 County Tax Rate. "Now that all 23 municipalities have filed their tax books with the Board of Taxation, we are pleased to announce that the tax rate will be approximately 40 cents, a decrease of more than two cents from the 2002 County Tax Rate of 42.18 cents," Levinson said.

Levinson stressed that the County Tax Rate to which he refers is the Equalized County Tax Rate. The actual County Tax Rate in each municipality will vary based on the ratio of real to assessed valuation.

"This means that a $100,000 house assessed at full valuation can expect to pay $400 in County property taxes," Levinson said. The Atlantic County Board of Chosen Freeholders is expected to give final approval to the 2003 Atlantic County Budget at their meeting on February 18.

For more information, please contact Howard Kyle, Chief of Staff, at 343-2223.

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