Rising property tax rates hurting A.C. residents
By Suzette Parmley, The Philadelphia Inquirer | |
McClatchy-Tribune Information Services |
Although she retired last
Ironically, the casino industry that supported her for more than three decades is shrinking, and causing a severe revenue shortfall for the city.
The burgeoning deficit, between what the city used to get from the casinos in property taxes, and what it can extract today with just eight instead of 12 gambling halls, as well as casino tax appeals that have resulted in more than
Many are seniors on fixed incomes who are already squeezed from paying other bills, including utilities, medical fees, and higher flood and homeowner's insurance because of Hurricane Sandy. They say the increased tax rate will make it that much more difficult to get by.
"I was flabbergasted," said Williams, who was born and raised in
For Williams, the 32 percent hike will mean a
"It wasn't really my game plan to go back to work," she said. "I wanted to travel . . . but I have to put those plans on hold and get a part-time job."
The
The problem: "Who's going to buy a house with those types of taxes?" he asked last week.
Petino, 70, said his property taxes will go up by more than a third from the
"I'm fed up," said the former casino shift manager, who worked at Caesars for 31 years. "The casinos are getting a reduction, and ours are going up. But the casinos are the reason we have such huge police and fire departments -- it's for the tourists."
But
Guardian's announcement came the day after Standard & Poor's downgraded
The shuttered gambling halls --
In 2006, the then dozen casinos here were 81 percent of the city's ratable base. Last year, they were 61 percent -- a figure that's expected to have another double-digit decline with four closed casinos.
In addition, negotiations the city entered in 2012 with multiple casinos covering several years resulted in
Property taxes make up 90 percent of the city's
Williams went to the
"I feel like I am being deprived of my retirement," said Williams, a widow. "I will have to work at least five or six months out of the year just to pay the taxes on my home so I don't lose it."
The general tax rate in
"What we've seen, especially in the last three years, is the increase in the tax rate has been caused mostly by declines in the [city's] tax base," said
Real estate agents say those who put their homes up for sale in
"When taxes are raised that high, and people are losing their jobs, many are concerned," said
"It will just make it harder to sell the houses at those taxes," said McClay, a former
While its tax base is shrinking, the city is repaying casino tax appeal refunds largely with borrowed money -- putting a further strain on city services.
"One of the big obstacles are the tax breaks and rollover of property taxes at some of the larger casinos," said
Some say the S&P downgrade last week, and Moody's giving
Even real estate mogul
"I brought WrestleMania, UFC [Ultimate Fighting Championships], and
"But
The Taj Mahal is in bankruptcy negotiations with
"Everybody's frustrated," Cheng said last week as his restaurant shift ended at
Cheng said the property taxes on the home he lives in more than doubled, from
"It's hard for landlords, too," he said. "We're getting hit with insurance taxes, and now, people [who are renters] losing jobs.
"It's hard to make a living in
856-779-3928 @SuzParmley
A look at
Casino suppliers are on a losing skid, too. Business, D1.
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