The reward for surviving Sandy may be higher taxes

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Associated Press

Posted on November 29, 2012 at 9:00 AM

Updated Thursday, Nov 29 at 9:01 AM

TOMS RIVER, N.J. (AP) — Superstorm Sandy may have some more pain in store for her victims: higher taxes.

The math is simple and cruel. The storm left fewer properties standing, often wrecking waterfront communities that paid the highest taxes because of the desirability of living near the water.

Even with federal aid of 75 percent of their costs, shore towns from Rhode Island to New Jersey could still be on the hook for tens of millions of dollars.

Many towns will have no choice but to raise taxes on homes and businesses that survived to make up for the loss. And many have no idea when or how they will adopt a budget next year.

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