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Atlantic City Wants $38.5M Loan To Cover Property Tax Appeals

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People walk along the boardwalk in Atlantic City, New Jersey. (Photo by Spencer Platt/Getty Images)

People walk along the boardwalk in Atlantic City, New Jersey. (Photo by Spencer Platt/Getty Images)

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ATLANTIC CITY, N.J. (CBSNewYork/AP)Atlantic City wants to borrow $38.5 million to repay those who successfully challenged their property taxes.

About 90 percent are casinos.

The Press of Atlantic City reports the city has handled tax appeal losses in the past by giving out tax credits instead of cash refunds. However, some businesses and casinos have accumulated so many credits that they are not paying taxes.

The Atlantic City Council must get approval from the state Community Affairs Department’s Local Finance Board in order to borrow the money.

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(Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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