There are plenty of reasons why homeowners are moving to Ocean City or making their second home a full-time residence. They want to live near the beach and the bay and take advantage of all the attractions and amenities the town has to offer, from the Boardwalk, downtown shopping and good schools.
And to add to the allure of living in the family-friendly, year-round community is this: it ranks No. 15 — smack dab in the middle of 30 towns — with the lowest tax rates, according to a published report in NJ.com this week.
While a typical home in the resort town comes with a price tag nearing $1 million, the taxes are less than what homeowners pay in some other communities in the state with home values of less than half that, according to figures in the report.
“Buying in Ocean City remains one of the best investments anybody can make,” Mayor Jay Gillian said.
The 30 towns with the lowest equalized tax rates had an average property value of $1.3 million. All but five of the communities were located in three counties: Cape May, Ocean and Monmouth, according to the NJ.com report.
An equalized tax rate shows what a homeowner would pay if each municipality used the same formula to determine property value, according to the report.
“Like many of the shore towns on the list, Ocean City benefits from a large and valuable base of real estate. That helps spread the tax burden,” Ocean City Public Information Officer Doug Bergen pointed out.
- The equalized tax rate in Ocean City was 0.691 in 2022
- Average equalized tax rate in Cape May County: 0.772
- Tax rate on homeowners’ bills: 1.027
- Average property value: $623,986
- Average property tax bill: $6,408
Figures according to NJ.com
Bergen said there are several other reasons why homeowners choose to call Ocean City home.
“The city also provides full services for a year-round community, including an exceptional police department, fire department, and K-12 school district,” Bergen noted. “Ocean City also invests substantially in capital projects, making sure the island is clean and safe year-round, and in protecting the quality of life that taxpayers have come to expect. That protects and increases property values, and, in turn, keeps tax rates low.”
For years, especially since the COVID-19 pandemic, housing stock remains at a premium in “America’s Greatest Family Resort.”
Last month, when a report came out about housing prices soaring in some New Jersey towns and Ocean City’s was nearing $1 million at $971,766, up 13 percent in 2022 from the year prior, local realtors spoke about the theory of supply and demand.