TRENTON, NJ—Bipartisan legislation sponsored by Senators Jim Whelan and Robert Singer that would increase homeownership in Atlantic City in order to spread out the property tax burden among a larger pool of residents was approved Thursday by the Senate Economic Growth Committee. The bill, through tax incentives, would encourage developers to build owner-occupied housing units within the city.
“With the recent closing of four casinos in Atlantic City, the city's tax burden has shifted from the gaming industry onto homeowners, causing residents a substantial financial hardship,” says Senator Whelan, D-Atlantic. “While the Legislature is working to stabilize Atlantic City's budget in the short-term, incentives to broaden Atlantic City's ratable base in the long-term are necessary for fiscal sustainability. I have been working with my colleagues from across the aisle and my district mate Assemblyman Mazzeo in an effort to create sustained financial relief for our residents. Encouraging new homes to be built in Atlantic City is a step in the right direction.”
“With the continued setbacks to the gaming industry and the uneven percentage of renters to home owners in the city its clear there has to be steps taken to create a stable revenue stream that can support Atlantic City over the long haul,” says Senator Singer, R-Monmouth, Ocean. “Enticing builders to invest in the city will create more opportunities for tenants to become homeowners and for those outside the city to invest in a vacation home. Increasing the base of owner-occupied homes in the city will to help provide the long-term stability that's needed.”
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