WILDWOOD — Commissioners here finally voted Sept. 23 to pass the city’s $27.1 million budget after reaching an agreement to sell city-owned water front land.
The city agreed to sell a 24-acre tract along the back bay between Bakers and Garfield avenues to developer SLRD Company-Mullica Hill LLC for $5 million. According to the agreement, $3 million is available for this year’s budget followed by $1 million in 2009 and 2010.
Wildwood city officials have a long history of balancing the budget through land sales and similar gimmicks.
The sale dropped the city’s expected tax rate increase from 25.1 cents to 9.7 cents.
This year, property owners will pay 92.8 cents per $100 of assessed value or $928 for a home valued at $100,000. Last year, the city’s tax rate was 83.1 cents.
After the budget was passed, it was taken to Trenton for the state’s approval.
Cape May County Board of Taxation will hold a special telephone meeting on Thursday, Sept. 25 at 2 p.m. in the board office, 7 N. Main St., for the purpose of establishing Wildwood’s tax rate, according to George R. Brown, III, county tax administrator.
Wildwood is the last municipality in this county to have its rate set.
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