NORTH WILDWOOD – City Council introduced a $33.3 million municipal budget for 2021, up slightly over last year’s $32.8 million budget.
The proposed budget indicates almost a three-cent tax rate increase. The new local purpose tax rate would be 80.3 cents per $100 of assessed value, up from 77.5 cents, in 2020. In 2019, the tax rate was 74.5 cent.
Mayor Patrick Rosenello attributes the tax increase to large capital projects, which have been funded mostly out of the city’s budget instead of bond ordinances, where the city would continue accruing debt. North Wildwood has spent millions in beach replenishment efforts to protect its north end.
“If we were not putting money into our capital program, our taxes would be flat or could even go down a little bit,” Rosenello said, in an interview.
City Auditor Leon Costello highlighted a $26 million increase in ratables over last year- the largest increase in well over ten years- in remarks on the proposed budget to City Council Feb. 16.
The budget will be up for adoption at the March 16 City Council meeting.
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