CAPE MAY — The auditorium section of the Beach Theatre is now a dirt parking lot while the retail stores and restaurant remain on Beach Avenue.
At a Tue., Oct. 18 City Council meeting, Cape May resident Bernie Haas, a member of the Beach Theatre Foundation, asked if Frank Investments, the owners of the Beach Theatre, would be reassessed “now that the Beach Theatre is no more and will they get a tax break since they don’t have a building.”
City Solicitor Tony Monzo said the tax assessor would review the property and it was likely an adjustment would be made based on the condition of the property.
“Adjusted downward?” asked Haas
Monzo said he did not know.
City Manager Bruce MacLeod said property values were established each year in Cape May on October 1 for the following year.
Haas said the Beach Theatre Foundation paid $20,000 in taxes when it leased the building.
“It was given to us as part of the common area maintenance charge,” he said.
Monzo said the property includes the retail stores which have generated all the revenue for the past several years. Based on the income/expense approach used for assessing commercial properties, there would not likely be a significant change in the assessment, he said.
Haas said the foundation was assessed at 50 percent of the total tax burden based on the footprint size as opposed to being revenue generating.
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