ATLANTIC CITY-After last week's adverse court ruling that awarded nearly $49 million in property tax reductions to the Borgata Hotel Casino & Spa, city officials are worried that it will receive a flurry of new tax appeal filings from casino properties.
City officials say they plan to appeal the ruling to the Appellate Division of Superior Court and express concern that further rulings such as the Borgata's could cause the city to go bankrupt, according to a report in The Inquirer.
"If this decision stands, its impact could effectively exempt several other casino properties from local property taxation," City Solicitor Braun D. Littlefield said when the Borgata ruling was handed down last week. "We maintain that this is an inequitable and grossly unfair position in which to place the taxpayers of this city."
Littlefield adds the tax burden could shift to residential property owners and other smaller property taxpayers to make up the city's projected revenue loss from the Borgata. The Borgata tax refund, if allowed to stand, represents 20% of the city's annual revenue. See story in The Inquirer.
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