Fiscally sound financials in Margate City decrease chance for any tax increase. Solid management of increased ratables/revenue, along with post-Sandy building boom provide for City value to increase by over $14 mil. Net taxable value of Real Estate in Margate City is now over $3.5 billion.
Construction fees were a big part of how $500,000 was added to the city coffers as many property owners were raising/rebuilding homes.
Margate has $57 million in overall debt/obligations. That’s quite admirable. It’s less than 1 % of city’s total assessed value. State of NJ allows for up to 3.5 % max.
The city was awarded two grants; one for Neighborhood Community Revitalization, and one for Community Development Block Grant.
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