ATLANTIC CITY’S TAX BASE CUT IN HALF BY NEXT YEAR

Atlantic City’s tax base will be half of what it was in 2010 next year, according to a new report. Reuters reports that the city will continue to see a drop in ratables following three casinos going out of business, including Revel. The tax base was at $20.5 billion, but could be below $10 billion by 2015. The total tax bill for Atlantic City residents, when you consider school, county, and local, will have risen 85 percent by next year since 2010, according to the story.