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Thursday, July 18, 2024

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Wildwood Tax Rate Increase Half of Original Figure

Municipal Auditor Harvey Coccozza addresses the Wildwood Board of Commissioners on the 2023 municipal budget. The nearly $37 million budget passed with no public comment. The average property owner will see a tax rate increase of $33.66 in 2023.  
Christopher South

Municipal Auditor Harvey Coccozza addresses the Wildwood Board of Commissioners on the 2023 municipal budget. The nearly $37 million budget passed with no public comment. The average property owner will see a tax rate increase of $33.66 in 2023. 

 

By Christopher South

WILDWOOD – Wildwood Board of Commissioners passed the 2023 municipal budget, April 26, which included a 1.8-cent tax rate increase, which, according to Deputy Mayor Krista Fitzsimons, is half of what was originally proposed. 

“It took a lot of work, but it didn’t start at 1.8 cents. It was double,” Fitzsimons said. “They just kept sharpening their pencils.” 

Mayor Pete Byron said the tax rate increase would amount to about $33.66 more for the average home value in Wildwood. 

Harvey Coccozza, of the Ford Scott accounting firm, told the commissioners that the budget, however, had no major changes from the introduction. He said the budget would be amended, as required by the state, in order to move money.  

As with most municipalities, health care benefits were cited as the reason for higher spending in the 2023 budget. Coccozza also cited increased costs for sanitation. 

“There is nothing you can do about that. Other than that, it’s the economy,” Coccozza said. 

Byron said he sees the future as being bright, especially in light of an additional $40 million to $50 million in new ratables projected for Wildwood in the next few years. 

The local purpose tax rate increased from $1.5740 to $1.5920 per $100 of assessed value. The local purpose tax will raise $22,526,499.25 of a total budget amount of $36,894,249.34. Wildwood’s assessed value for 2023 is $1,415,575,400. The budget passed without public comment. 

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