A new study determines that Ocean City is the most tax-friendly municipality in New Jersey for retirees. The honor was announced yesterday (Nov. 29) by NJBIZ.
The study (see complete data and methodology) creates an index that uses factors including property, income, fuel, sales and Social Security taxes. Ocean City’s 0.79 percent local property tax rate is the lowest among the Top 10 places for retirees.
“I’m extremely proud to see Ocean City recognized in this way,” Mayor Jay A. Gillian said. “Our tax burden remains low even as we continue to make major investments in infrastructure improvements to every part of the island. This is a testament to the value of investments in Ocean City property and to the fiscal responsibility of our city team.”
The honor is just the latest for Ocean City. In a statewide poll earlier this year, beachgoers chose Ocean City as “New Jersey’s Favorite Beach” for the fourth consecutive year.
More than 100,000 voters nationwide chose Ocean City as the “Best Beach in America” in an online contest in 2016. Ocean City was named “Best Beach” in the 2016 Philly.com Readers’ Choice Awards. Ocean City won New Jersey Monthly’s “Shore Town Showdown.” In countless other contests, Ocean City has been recognized for its boardwalk, downtown, ecotourism, family destinations, women-owned businesses and more.