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47 percent tax increase possible in Atlantic City

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ATLANTIC CITY, N.J. (AP) - Atlantic City's new mayor says property owners there may be facing a 47 percent tax rate increase.

Mayor Don Guardian issued the warning Wednesday when he introduced the city's proposed $262 million budget. He said the city will seek $20 million in transitional aid from the state to help reduce the tax hike, but he warned there was no guarantee that the city would receive any of that funding.

The Press of Atlantic City reports the spending plan is about $5.5 million more than last year's budget. But Guardian also noted that the city ended last year $10 million in the hole.

As introduced, the budget would raise the local-purpose tax rate by 65 cents, with 61 cents of that directly related to the city's decreased property values.

Information from: The Press of Atlantic City (N.J.), http://www.pressofatlanticcity.com

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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