Seaside Park, Seaside Heights lose tax revenue from businesses destroyed by fire
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SEASIDE PARK - The communities affected by the boardwalk fire will face another blow when the boroughs of Seaside Park and Seaside Heights lose an estimated $4 million in tax revenue from the burned out businesses.
Seaside Park's boardwalk alone represented $2.6 million in assessed property value.
Fire ripped through five blocks of the boardwalk last Thursday. Firefighters spent hours battling the flames in an effort to save the boardwalk, but more than 50 businesses were lost.
"What we will do is once the process is started if the building is demolished or there is a great deal of damage, there will be an adjustment," says Seaside Heights Councilman Tony Vaz. "If the building is demolished they will only pay taxes on the land value."
The area was previously damaged by Superstorm Sandy, and now faces an even higher cost for rebuilding.
Gov. Chris Christie has promised help from state officials, plus $15 million in funding earmarked for Sandy-damaged businesses.
As for the 2014 budget, Vaz says they will have to juggle money around to make it work due to the loss of revenue.