the property taxes are paid to Neptune Township not to Ocean Grove. Ocean Grove is part of Neptune Township along with Shark River Hills. Therefore when you live in OG the school taxes which make up the majority of our taxes goes to Neptune Township schools.
The land in Ocean Grove is a leasehold. When you purchase a home in Ocean Grove you are given a transfer of leasehold instead of a deed. The land lease is a 99 year perpetual lease. Whenever property changes hands the lease is transfered to the new owners as well as noted in your title insurance policy.
There is no problems with the leasehold in working with banks. This type of leasehold ownership is also seen in Mount Tabor New Jersey, England and China. Nothing to worry about !
Ocean Grove is a section of Neptune Twp. and as such property taxes are assessed by the Twp. About two to three years ago, the entirety of Neptune Twp was reassessed, since property values in Ocean Grove and another section of Neptune Twp, Shark River Hills, had increased at a quicker rate than the balance of the Twp, the tax burden in these sections of Neptune Twp likewise increased. In terms of the future, I don't think this will recur with any new reassessments done by the Twp. So unless the Twp budget increases significantly, I don't think you would see any appreciable increase in property taxes.
The land in Ocean Grove is actually owned by the Ocean Grove Camp Meeting Association which is a governmental organization that is associated with the Methodist Church at arms length. When you purchase property in Ocean Grove, you are granted a 100 year lease for the land. When you sell the property the next owner likewise receives a 100 year lease.
The home you are looking at is in a great location. Should you be interested in seeing it, I would be happy to show it to you.