By Kenny Walter
Staff Writer
SEA BRIGHT-A rise in the overall assessments in the borough has led to a sharp drop in the municipal tax rate in 2016.
That was revealed when the Borough Council introduced the $6.1 million budget for 2016 during a March 21 special meeting.
The budget includes a $4 million tax levy, but due to a continued rebuild from superstorm Sandy and a recent property revaluation, the tax rate will drop from 89 cents per $100 of assessed valuation to 59 cents per $100 of assessed valuation.
“There has to be a portion of [rebuilding from superstorm Sandy] in there, but the predominate reason is that the revaluation that has taken place over the last year finally hit the books January 1,” Business Administrator Joseph Verruni said. “If you look at the tax rate, it dropped by 30 cents.
“There was a modest tax increase this year, but it won’t affect everyone the same as it will in most years.”
The overall assessment of the borough increased to $684.9 million from 437.7 million in 2015.
Verruni predicted because of the reevaluation, a third of property owners will see a tax increase, a third will see a tax decrease and a third will have their taxes remain the same.
If adopted, the budget will actually decrease from the $9.9 million budget in 2015, largely related to grants and loans related to superstorm Sandy that have ended. The tax levy will increase to $4 million from last year’s $3.9 million levy.