Let’s raise property taxes!

Atlantic City Press reports this:

ATLANTIC CITY – A major part of the Langford administration’s plan to manage the city’s fiscal troubles may no longer be an option.

Arthur Bunting Jr., the city’s top budget consultant, toned down his initial optimism Tuesday about a plan to ask the state to waive its restrictions on raising annual property taxes.

Credit the loss of optimism to the governor.

“Prior to him saying that, I didn’t think there would be a problem,” Bunting said Tuesday. “Now, I’m not so sure.”

In his State of the State address last week, Gov. Jon S. Corzine called on the state’s Local Finance Board to make no exceptions when it comes to exceeding the 4 percent cap on how much a municipality can increase what it collects in yearly taxes.


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