Cape May City Council introduced a $27.98 million budget this week, as officials touted another year without an increase to the tax rate. The Press of Atlantic City reports along with separate utility budgets, funding through fees rather than property taxes, the city’s total spending plan for 2025 comes in at $41.5 million. The local tax rate remains 36.1 cents for every $100 of assessed property value. That means the owner of a property assessed at $750,000 will owe Cape May $2,707.50 for 2025, plus school and county taxes.