Why so much new construction in Ventnor? Tax incentives and heavy-weight investor interest are just a few more reasons why 25 new building projects are humming along on this part of Absecon Island.
Enacted in December 2014, a flat 30% tax reduction on the assessed value of upgrades or new structures is proving to be just want the Ventnor doctor ordered.
Homeowners, along with local Real Estate agents, give this announcement a big thumbs-up.
‘It just makes good sense to offer enticements to increase construction and new home building in Ventnor’ says one local Realtor.
This tax exemption should encourage property owners to make improvements to existing commercial properties or build new 1 & 2 family homes, says Ventnor Mayor, Mike Bagnell.
Since 50% of Ventnor’s housing and infrastructure is at least 50 years old, Ventnor commissioners had authority to green light these attractive incentives which take effect in the 2015 tax year.
Bagnell: This benefits not only the homeowner, but every Ventnor taxpayer, visitor & business owner.
Some Benefits of Ventnor Construction Tax Exemption:
- Boosting of overall property values
- Attract more investors to community
- Lowering flood insurance rates, FEMA compliant
- Putting people to work w/ good paying construction-related jobs
- Increase in ‘ratables’ that could slow/reduce/stabilize tax burden
New construction, a good bit of it along the boardwalk, includes THE WAVES.
“Real Estate in Ventnor had been stagnant for many years, says Bagnell. ‘It’s time for Ventnor to enjoy a new boom in our economy. Tax exemptions are just one way we’ll make that happen. It’s a win-win for all.’
The incentive program will provide new single-family, duplex and triplexes with a 30 percent reduction in taxes for five years.
Maybe they should consider a real estate tax reduction for seniors and other residents who have been loyal tax payers for years. The real estate tax is considerably more percentage wise in Ventnor than most of the nearby cities. Reward those homeowners who have been loyal to the city for years – in addition to those who buy new construction – duplexes, triplexes, and more. Just my “two cents” .
Tax incentives on new construction and more is fine. Just make sure there is enough parking for all these new projects and those of us who can never find a spot on the street..