.

Officials: One Third of Toms River's Tax Base Has Been Restored Since Sandy

A look into how storm recovery affecting Toms River's municipal budget

Homes being rebuilt in Toms River's Ortley Beach section, April 3, 2014. (Photo: Daniel Nee)
Homes being rebuilt in Toms River's Ortley Beach section, April 3, 2014. (Photo: Daniel Nee)
 Though Toms River residents are likely in for a tax hike this year, progress has been made toward restoring the township's overall tax base which was decimated during Superstorm Sandy.

Figures show that of the $2 billion in real estate value wiped out during the storm, $700 million has returned.

"That factor has had a very positive impact on the tax rate and going forward for all of the taxing entities," a report issued by the township said.

The value of residential properties, now $9.99 billion, represents an 11.52 percent increase over 2013. Business properties, valued at $1.9 billion, have rebounded 1.91 percent over last year.

In all, $1.07 billion in real estate value has been restored, the report said.

In the hard-hit Ortley Beach section, recovery continues block-by-block, with private contractors raising and restoring homes at a pace more rapid than even two or three months ago. Mayor Thomas Kelaher said the township has committed to expenditures in the Building, Engineering, Information Technology and Land Use departments in order to speed up recovery.

But the cost of expansion has come in the form of a proposed $8 million budget increase – enough to raise the tax bills of residents 3.8 cents per $100 of assessed real estate valuation.

The township also lost a $5 million outlay from the Federal Emergency Management Agency that was available last year in the wake of Sandy, designed to buttress the township's coffers after the tax base was decreased. Officials said five winter storms also cost the township $1.2 million, which has to be made up in the 2014 budget.
Joseph April 04, 2014 at 10:01 AM
Smoke and Mirrors.
Hurricane Sandy April 05, 2014 at 12:02 AM
@LOVE or should I say hate!!!!!!! Do you realize that those hard working 2nd home owners pay the same amount of taxes AND maybe even more than TR mainland. Some of them rent their homes to make ends meet. Some use them a few months out of the year. They don't sent their kids to the TR Heroin High and they don't use the municipal services, garbage collection for more than the 3/4 months that they spend at the shore. Yet they still have to pay TR exorbitant taxes. If they didn't spend their hard earned working money on those 2nd homes at the shore. TR taxes would be and will be soon, thru the roof even more than they are now. WAKE UP.....
suz April 05, 2014 at 07:40 AM
It doesn't matter if its a second home or not...it is still someones home!
FIMF the ll April 05, 2014 at 09:11 AM
Maybe I'm missing something here, but I thought flood insurance was designed and is rated to reflect the risk of flooding. If my former secondary home, becomes my now primary residence, is it at less risk of flooding and should it or should it not be rated accordingly?

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »