Ocean City's rising property taxes threaten the future of Trimper

Daily Record, The (Baltimore), May 25, 2007 by Louis Llovio

A staple of the boardwalk for 117 years may soon be gone, and its exit could signal a change in the state's biggest resort destination.

Historic Trimper Rides and Amusements may have to shut down because of escalating property taxes, the family that owns the park said this week.

According to Ocean City's Office of Finance, property values have jumped about 20 percent in the last three years.

These rising property values jumped the amusement park's tax bill, nearly $500,000, to $914,000. The family said the property's assessed value jumped from $24 million in 2004 to $62.9 million now.

Trimper vice president Doug Trimper said this week that it will not be economically feasible for the family to run the company for much longer.

"It's not an option we want to take," he said. "But we might not have a choice."

The family has appealed the assessment, but without a reprieve there is a real possibility that the attraction will have to be shut down. Trimper's board of directors is scheduled to meet in June.

Glenn Irwin, executive director of the Ocean City Development Corp., called the property "prime real estate."

"When you think of the location and the view, this would be a tremendous property," he said.

Because of its zoning, Irwin said the property could be for commercial or residential development. "It can be used for quite a diverse number of things," he said.

Richard Meehan, Ocean City's mayor, said he is watching the case closely.

While the town does not have a say in the state's decision, he said his office and the city council are concerned. But he said he felt confident something would be done before it was too late.

"I just can't see them going away," Meehan said. "They're an Ocean City institution."

Whether Trimper stays or goes, he said he sees the boardwalk, and the entire town, changing.

Meehan has a unique perspective when it comes to the changing face of the boardwalk because he is also a Realtor.

"We're seeing more and more people buying property for themselves instead of buying them as rentals," he said. These buyers, he said, are older and buying retirement properties.

The new Ocean City residents may not be as interested in attractions on the boardwalk as much as they are interested in, say, golf.

But Meehan did say the change could take a little longer than he expected because of a slowdown in the real estate market.

He said Ocean City has about a three-year inventory of unsold properties, with almost 1,800 units on the market.

Another longtime boardwalk resident also sees major changes coming.

Joe Kroart, owner of the Ocean Gallery, said the people moving into new buildings on the boardwalk will require businesses that cater directly to them.

"Face it," said the self-proclaimed P.T. Barnum of Fine Art, "if you spend $1 million for a condo on the beach, you aren't going to go out and buy cheap T-shirts and costume jewelry."

Kroart, who's had a shop on 2nd Avenue for nearly 40 years, predicts that over the next several years many of the shops that now line the two-and-a-half-mile boardwalk will go away and be replaced with higher-end boutiques.

"They want something that looks nice when they come to the beach," he said.

As for his conspicuous store, Kroart is not concerned.

"People will be looking for fine art on their walls," he said. "I can get them that."