Officials: One Third of Toms River's Tax Base Has Been Restored Since Sandy

 Though Toms River residents are likely in for a tax hike this year, progress has been made toward restoring the township's overall tax base which was decimated during Superstorm Sandy.

Figures show that of the $2 billion in real estate value wiped out during the storm, $700 million has returned.

"That factor has had a very positive impact on the tax rate and going forward for all of the taxing entities," a report issued by the township said.

The value of residential properties, now $9.99 billion, represents an 11.52 percent increase over 2013. Business properties, valued at $1.9 billion, have rebounded 1.91 percent over last year.

In all, $1.07 billion in real estate value has been restored, the report said.

In the hard-hit Ortley Beach section, recovery continues block-by-block, with private contractors raising and restoring homes at a pace more rapid than even two or three months ago. Mayor Thomas Kelaher said the township has committed to expenditures in the Building, Engineering, Information Technology and Land Use departments in order to speed up recovery.

But the cost of expansion has come in the form of a proposed $8 million budget increase – enough to raise the tax bills of residents 3.8 cents per $100 of assessed real estate valuation.

The township also lost a $5 million outlay from the Federal Emergency Management Agency that was available last year in the wake of Sandy, designed to buttress the township's coffers after the tax base was decreased. Officials said five winter storms also cost the township $1.2 million, which has to be made up in the 2014 budget.