Atlantic City set to auction off nearly 200 properties
ATLANTIC CITY, N.J. (AP) — Nearly 200 Atlantic City properties will soon be going on the auction block.
The Press of Atlantic City reports that It’s part of an effort to get city-owned properties back on the tax rolls and replenish a depleted ratable base.
The 194 lots will be auctioned off Dec. 17 at the city’s Convention Center. They include commercial lots and properties with townhomes, duplex and single-family homes, as well as waterfront lots available for marine businesses.
Atlantic City had more than $20 billion in property value in 2010. But by the time the state assumed fiscal oversight of the city in 2016, its taxable base had shrunk to $6.5 billion.
Last year, the city had less than $2.9 billion in property value, after casinos were removed from the ratable base with the start of the payment in lieu of taxes program.