Sandy Hurt Tax Base in Some NJ Towns, Officials Say
Some New Jersey towns could lose at least 10 percent of their tax base because of damage from Superstorm Sandy.
The figures were reported in a local financial notice put out Wednesday by the New Jersey Division of Local Government Services. It shows less than 15 towns could lose 10 percent or more of their tax base because of the storm, while 10 more towns could lose between 5 and 10 percent of tax collections.
The division is working with towns to help adjust their budgets.
Gov. Chris Christie has said that some residents in storm-battered towns could see higher property taxes to help pay for rebuilding.
The report said no towns lost so much revenue that they couldn’t pay their debts.
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