ATLANTIC CITY, N.J. (CBSNewYork/AP) – Lawyers for Atlantic City and the bankrupt Revel Casino Hotel are battling over as much as $30 million that Revel owes for property taxes and penalties.
The Philadelphia Inquirer reports that Atlantic City wants to sell the right to collect that money by auctioning a tax certificate on Dec. 11, but can’t do that without bankruptcy court permission. The city asked for that permission last month, saying it desperately needs the money to meet its budget.
Revel’s property-tax levy this year of about $38 million, based on an assessment of $1.15 billion, equals 19 percent of Atlantic City’s $200 million in expected tax collections.
So far this year, Revel has only paid $7.3 million.
A hearing on the property-tax fight is scheduled for Wednesday.
You Might Also Be Interested In:
[display-posts category=”news” wrapper=”ul” posts_per_page=”4″]
(TM and © Copyright 2014 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2014 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)