Huge post-Sandy tax increases fail to materialize

One fear has not materialized in the wake of Superstorm Sandy: waves of tax increases along the devastated coastlines of New Jersey, New York and

MANTOLOKING - (AP) - One fear has not materialized in the wake of Superstorm Sandy: waves of tax increases along the devastated coastlines of New Jersey, New York and Connecticut.

The thinking had been that billions of dollars in property that was damaged or destroyed in the storm would have to be made up for by raising taxes on undamaged homes.

But that was prevented by billions of dollars in federal aid, short-term borrowing by towns and the use of rainy-day funds.

Some towns, like hard-hit Mantoloking on the Jersey shore, were even able to lower their municipal taxes this year because of emergency aid and borrowing. Many others approved small tax increases.

The figures don't take school and county spending into account, which may still increase the overall tax bill in many communities.

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