TOMS RIVER, N.J. (AP) — Ocean County officials are estimating the county has lost at least 2 percent, or $2 billion, of its tax base because of Superstorm Sandy.
The freeholder board on Wednesday released figures from 21 of the county’s 33 towns reporting preliminary real estate losses of nearly $883 million.
The tiny oceanfront town of Mantoloking alone is reporting property losses of nearly $441 million with 511 properties sustaining catastrophic damage from the storm.
Toms River, Bay Head, Lavallette, Beach Haven and Ocean Gate have yet to submit figures.
Freeholder John Bartlett Jr. tells the Asbury Park Press (http://on.app.com/15eNRtw ) mainland taxpayers will see a shift in the tax burden as it moves from shore communities. Bartlett says officials are looking for ways to lessen the impact on the county budget.
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