Jersey Shore Mayor Can’t Afford to Live Along the Jersey Shore

Mayor sells his home because property taxes are too high

   

Jersey Shore Mayor Can’t Afford to Live Along the Jersey Shore

The mayor of a town along the Jersey Shore is selling his oceanfront home because though he bought the land and built the home more than 25 years ago, he just can’t afford the property taxes.

Egg Harbor Mayor James McCullough, 74, built the home for $360,000 but the rising property taxes are more than he can afford on a mayor’s salary.

From the Associated Press:

The property was valued at slightly more than $1.1 million during last year’s township-wide revaluation, which increased his property taxes by nearly 60 percent to $31,056.

If it doesn’t work out in New Jersey, the mayor also owns a home in Florida, where the property taxes on oceanfront property are much less.


Article printed from InvestorPlace Media, http://investorplace.com/2013/08/jersey-shore-mayor-cant-afford-to-live-along-jersey-shore/.

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