MANTOLOKING, N.J. (AP) — The Jersey shore town hardest-hit by Superstorm Sandy plans to adjust its property tax assessments to account for the massive damage the storm caused.
Mantoloking will vote Wednesday morning to carry out a reassessment of all taxable properties for the 2014 tax year.
Mayor George Nebel says the recalculation is necessary due to the severe damage the Ocean County borough sustained in the storm. All 521 of the buildings that existed in Mantoloking before the Oct. 29, 2012 storm were either damaged or destroyed. Scores were simply washed away into Barnegat Bay.
The reassessment aims to more accurately calculate what each property is worth for taxation.
The move also means Mantoloking’s tax rate is likely to go up next year to compensate for an expected lower property value in town.