WILDWOOD – City Commissioners reintroduced a five-year tax exemption ordinance Aug. 14.
According to Commissioner Peter Byron, the program was introduced five years ago and needs to be passed again for another term. Bryon described the program as “incentive” for residential development in Wildwood.
According to Tax Assessor Jason Hesley, “newly constructed, single-family or condominium units and improvements to existing dwellings newer than 20 years are eligible for an exemption on taxes in the amount of 30% of the added value of improvements.”
The program is not based on income level or age, said Byron. For example, “a home with $100,000 in improvements or additions would have the first $25,000 exempted … the property owner would only be taxed on the remaining $75,000,” according to Hesley.
Avalon – It absolutely makes sense for means testing for Social Security. We need to trim benefits for anyone 50 or younger, and give them better savings options. Anyone 50 or older should be grandfathered….
