Atlantic City can ill afford to lose homeowners as a shrinking tax base was one of the catalysts for this year’s tax increase (a loss of nearly $6.3 million in refund credits from the county was cited as another). Atlantic City has a home-ownership rate of 26.3%, according to federal data, which is less than half of the 63.9% national average.

+2 Atlantic City taxes, Airbnb property concerns aired at council meeting ATLANTIC CITY — Concerns and frustrations over a surprise tax increase on property owners as…

New Jersey has had the highest foreclosure rate in the country since 2015, according to ATTOM.

It’s not just property owners with oceanfront views who are feeling the squeeze from the tax increase. Across town, in the tree-lined Bungalow Park neighborhood, residents said the tax increase was causing them to think twice about staying in Atlantic City.

“It’s not sustainable,” said Sheryl Donofrio, 42, who owns a custom-built home on Massachusetts Avenue along with five other lots she and her late husband bought years ago as investments. “I think people are going to start a fire sale.”

The rub for many homeowners is that with the increased property taxes, they may not be able to find a willing buyer.

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“It’s pretty sad when you can’t sell your home for the bricks and sticks you invested,” Dorsie Pettit, treasurer of the Bungalow Park Civic Association, said during a recent community meeting.