WILDWOOD INTRODUCES 1.5-CENT TAX INCREASE
The City of Wildwood today introduced the 2022 municipal budget that calls for a 1.5-cent increase in the tax rate. For the average residential home assessed at $205,500, homeowners will see an approximate $30.82 increase in their tax bill. This increase is $8 less per homeowner than last year’s adopted budget.
“Although the Commissioners were pushing for a zero increase, we are pleased that we have gotten away from out-of-line tax surges and are seeing a steady decline in the rate hikes. With inflation soaring at over a 40 year high, I believe keeping the rate increase substantially below the cost of living index effectively shows the Commissioners are getting the job done for our taxpayers,” Mayor Pete Byron said.
In assessing the financial gains of the city, Byron pointed to the close to $5 million growth in ratables in 2022. “The city’s ratables grew more than a million dollars over last year. For perspective, the city had average annual ratable loses of $3.3 million for the previous 6 years. As we see all the investment in new construction underway, we can expect the expanding tax base to keep up with city expenses and adequately fund more improvements, while aiming toward lower taxes on residents. Wildwood is certainly facing a very bright future,” said Byron.
Commissioners Krista Fitzsimons and Steve Mikulski also expressed their enthusiasm in the direction Wildwood is heading. “We started this year with more than $5 million in surplus. This is the most surplus that Wildwood has ever been able to provide to its taxpayers. It allowed us to maintain a minimum tax increase this year as well as save significant funds for future budgets. The sound financial planning, saving and spending are positioning the city to achieve unprecedented stability, “said Commissioner of Revenue and Finance Fitzsimons.
Public Safety Commissioner Mikulski emphasized his optimism that the city will see lower tax rates as local businesses expand as well as new primary and secondary homeownership occurs. “Not only is Wildwood a first rate destination, it is family oriented community that we can all be proud to live in. Our community is everything a city strives to be. It’s clean, safe and affordable. And working together with our residents and dedicated employees, we can look forward to things getting even better,” concluded Mikulski.
The Mayor and Commissioners acknowledged the efforts of the administrative staff and the other city employees for their hard work and cooperation in developing this year’s budget. “My colleagues and I are sincerely grateful for the efforts and outstanding commitment of our employees in serving the residents of our city,” concluded Byron.