Shore Towns Brace For Housing Market Changes [AUDIO]
Superstorm Sandy will undoubtedly have an impact on the property tax landscape of the Jersey shore, according to Ocean County Administrator Carl Block.
While he’s certain most of the shore will be rebuilt in a relatively timely fashion, Block believes that a portion of it will be impacted for a longer period of time. He attributes that to changes associated with FEMA flood maps, increased flood insurance premiums, as well as the storm’s destruction and damage to older barrier Island homes.
However, Block believes the tax base will stabilized and could even increase in five or ten years because water front land is scarce and homes will be constructed to better to withstand the risk of hurricanes.
In the meantime, Block says shore front towns and the county will respond by belt-tightening, putting off some capital projects and calling for state and FEMA assistance.