Ventnor navigated a perfect storm of historically low interest rates, 5-year tax incentives and more buyers waking- up to once overlooked Ventnor.
Smart tax abatement incentives succeeded in boosting the value of Ventnor’s housing stock.
Ventnor City currently offers tax abatements via reduction in taxes due on new residential construction for 5 years. Abatements are for structure improvements only, not land value.
Anyone who rebuilds or substantially improves their Ventnor property can apply for a tax abatement.
Ventnor offers a reduction in taxes due on the improvement over a five-year period.
In the first full tax year after completion: No taxes on the structure improvement.
- Year #2 – 20% due
- Year #3 – 40% due
- Year #4 – 60% due
- Year #5 – 80% due
By year #6, full taxes are being paid on the structure improvement.
Another reason why Ventnor real estate got hot: buyers unable to acquire larger lots in Longport and Margate. That particular land acquisition task somewhat easier to accomplish in Ventnor.
Incentivize certain older homes to upgrade? How do we save older homes in Ventnor? Avoiding big box McMansions and massive party rentals. See: Saving Marven Gardens in Margate.
Ventnor has plenty of mature housing stock that could use some TLC.
Ventnor gateway improvements boost investor interest
Transformation of Ventnor Plaza. Stoking investor interest as they drive Wellington Ave. Retail offerings include Smoking Aces, The US Post Office, ACME, Buy Rite Liquor, AutoZone and coming soon: Burger King, Starbucks, PJ Buckets, PickleJuice Pickleball and more.
Higher parking lot elevations should mitigate most nuisance flooding at Ventnor Plaza.
A former eyesore. Now a vibrant welcome to those traversing Ventnor Ave or popping into WAWA across the street. The Ventnor Square Movie Theater.
Ventnor’s Dorset Ave business corridor boasts a variety of mixed-use properties. Residential and popular commercial properties like Salon 309, Steve’s Barbershop, Ventnor Coffee, CVS, The Red Room and Performance Pickleball.
Ventnor commercial zones could benefit from investment. How does Ventnor incentivize business district upgrades? No easy answers here.
It is proven that abatements are not necessary to support development. It only short changes the townships ability to provide adequate services. Just makes the wealthy wealthier and adds to the working class tax burden. More shady trickle down economics.
Jason
You are a very wise person!!
Commenting on the beautiful movie theater. so true. Now the only eyesore is that filthy Wawa property across the street.
I hadn’t been up there in a long while and was shocked as I drove in and parked. People trying on stolen shoes behind some of the cars-and needles being used.
I thought I was in one of those bad areas of Phila. The inside of the store was filthy & in disarray. I go to Margate now.
I felt unsafe at the Ventnor Wawa. I’ve lived in Ventnor all of my adult life and that place is a disaster right across from the new movie theater.
I’ll give you that it’s certainly not the most up-to-date Wawa and it’s in need of a makeover, however… I was there last just week and got candy and a drink to take with us to the aforementioned theater across the street.
Mark my words that Wawa will eventually close that store due to shoplifting and maybe robberies.
The writing is on the wall of the wall quite literally.
The conditions inside that WAWA are pretty gross and I choose to shop at the Margate location. The revenue from that location is very high. The most
troublesome thing is that it is actually a food market. REALLY!!!