Margate Commissioners have adopted the 2020 city budget. The Margate CFO reported higher expenses and no tax-cuts for the fiscal year.
Over past year, Margate enjoyed additional $37 million in new ratables. Ratables are property that provides tax income for local governments to spend.
Most of this additional value comes from new construction., which brings on higher property tax assessments.
Those new ratables translate into an extra $915,000 for Margate Commissioners to spend.
- Margate municipal expenses increased by $915,000
- Various expenses increased $300,000 (3.95%)
- Margate salary and wages were up $97,568
- Margate had $469,000 (11%) increase in debt payments
Margate total assessed valuation is now $3,747,197,700.
Tax levy of $23,157,230 — 61.8 cents per $100 of assessed property valuation.
Auditor Leon Costello of Ford-Scott Associates believes we should all be proud of this strong, fiscally responsible budget.
Note: Atlantic County Exec Denny Levinson recommends that all towns swap out auditors every three years. Not many do.
With all that new money rolling in, higher ratables equals more borrowing power. Margate, like many Jersey shore towns, are swimming in new ratables.
Why does Planning Board encourage building on every square inch of Margate?Concerned Citizens of Margate
Higher assessments equals higher property taxes.
To date, Margate Planning Board doesn’t see concern for over-development.
Not sure why tax relief wasn’t considered. Margate will never attract young families as long as they keep taxes so high.
Residents questioned why some of that new money wasn’t used for much needed tax relief?
Flat taxes are nice, but a tax-cut should be considered. Margate needs to cut expenses, especially with declining full-time residency.Concerned Citizens of Margate
When will Margate finally cut taxpayers a break? On average, 75% of Jersey Shore taxpayers don’t vote here. Second homeowners getting hosed.
Margate tapped into $3.2 million of surplus funds to help fund the larger budget. Margate has a small reserve of $4 million in surplus.
Mark Lovett Comment: Margate’s lack of a tax increase is an illusion for long term residents over 65. Because of Covid 19 expenses the state is freezing up funding for the “senior freeze” program that kept taxes stable for long term residents over 65 who comprise over a third of Margate’s population.