Atlantic City’s overall value shrinks nearly $5 billion in last year

As the pace of tax appeals is increasing, officials in Atlantic City say they are already seeing the city’s overall value shrink.

According to a story from the Press of Atlantic City, Atlanitc City’s overall value has shurnk by nearly $5 billion in just the past year.

The report sites the rising number of sucessfull tax appeals as a reason for the decrease in value.  The tax appeals have, in part, led to the city’s decision to raise the tax rate by 8.9 cents this year.

Atlantic City Revenue and Finance Director Michael P. Stinson told the Press of Atlantic City the increases are directly attributable to the wave of tax appeals.

According to the report, the number of city tax appeals increased from 2,155 in 2009 to 2,354 in 2010 and to 3,063 appeals in 2011.