WILDWOOD COMMISSIONERS LOOK AT TAX EXEMPTIONS

New construction or home and business improvements could lead to a tax exemption in Wildwood. The proposed ordinance will allow property owners throughout the city to make improvements to their homes and businesses as well as create new commercial opportunities such as hotels, restaurants and other new businesses without having to face the slam of a full property tax increase due to higher property assessments. Newly constructed, single-family or condominium units and improvements to existing dwellings newer than 20 years are eligible for a 30 percent tax exemption on the cost of any improvement made for a five-year period.