Brick homeowners will see their taxes increase this year as Hurricane Sandy reportedly continues to impact the township's finances.
A taxpayer with a home valued at $258,000, the township median, will see their taxes increase by approximately $67. The shortfall includes $4 million for recovery costs and $2 million in lost tax revenue, according to The Asbury Park Press.
Brick was one of the hardest-hit municipalities when Sandy made landfall Oct. 29, 2012. Approximately 8,500 homes were damaged and the township lost $357 million in property value, according to The Asbury Park Press.
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The township has been operating under a series of continuing budget resolutions that have temporarily maintained last year's spending practices so far in 2014. Normally, municipal budgets in New Jersey are adopted in the spring.
Last year, the township's $98,454,540 budget – which included a $7.5 million emergency appropriation in the wake of Superstorm Sandy – was supported by a $64,918,893 tax levy.
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