Assessments could ultimately make property bills higher
Despite the introduction of a reduced tax rate in Ocean City’s proposed a $168.8 million budget, higher assessments will likely keep property owners from savings in the coming fiscal year.
City Manager Terry McGean and Budget Director Jennie Knapp presented the Mayor and Council on April 3 with the proposed budget for Fiscal Year 2025. The spending plan, totaling $168,859,445, includes more positions within the police department, step and cost-of-living adjustments for employees, and a tax rate of $0.4426 per $100 of assessed value.
“The budget reduces the current property tax rate from .4526 cents per $100 of assessed value, to .4426 cents per $100 of assessed value,” McGean said. “However, to be clear, due to increases in assessments, that is an increase of approximately four cents over what would have been constant yield.”
McGean said the upcoming budget focuses on four priorities – public safety, employee compensation and benefits, tourism and marketing and infrastructure maintenance.