Atlantic City set to auction off nearly 200 properties

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.