Not everyone, though, gets money every time Frank Sinatra's "Somewhere in Your Heart" or Frankie Avalon's "Bobby Sox to Stockings" plays on the radio or television.
With more than a third of households in Camden on a fixed income, according to statistics from the state Department of Labor, many residents are worried about any potential tax hike.
"We're on fixed income. My husband is disabled and I'm dependent on him," said Rose Johnson, whose Waterfront South home almost tripled in value from $11,000 to $29,000.
"I don't think you can do it all at once," she said of the property-tax increase immediately following the reassessment, which cost the city $3.5 million.
Camden's full revaluation of the city's 32,000 commercial and residential properties at 100 percent of market value resulted in the city's total ratable base more than doubling, from $825 million to $1.8 billion.
Commercial properties, which account for only 8 percent of all parcels in the city, absorbed most of the shock from the revaluation. As a whole, they were assessed at 245 percent over their current values, while residential properties were 208 percent over current values.
Because of the overall increase in value, the total property-tax rate for Camden City is estimated to go down to about $2.40 per $100 of assessed value, from the current $4.60 rate.
"We were going to collect $25 million before or after the assessment," said Mayor Dana L. Redd.
With the new assessments, some homeowners will see a drop in property taxes. Those whose home value doubled should not see a significant change in their property taxes. But those whose property value more than doubled will see an increase in their taxes. A fair increase, experts say.
