Ocean City residents could see their property tax rate inch up slightly to balance the resort’s $76.1 million budget despite a spending cut of $670-thousand.
Mayor Rick Meehan’s budget would increase the property tax rate from 39 cents to 46 cents per $100 of assessed property value.
The Mayor is trying to keep revenue from property taxes steady after estimates say that property assessments have fallen from $12 billion in 2009 to $8.6 billion.
City Budget Manager Jennie Knapp told the Salisbury Daily Times that even though the rate is going up the bill for most residents should remain the same.
