Re: New Tax Rate is Insane!
Posted by bodhipooh on 2018/3/13 13:17:39
Just to add to the abatement numbers.
We're on an abatement, roughly 10k per year.
Land, pre-reval, was negligible, about $300 per year. Now it's estimated to be about $2k.
So, all in all, going from 10.3k to about 12k.
If we had no abatement, the property tax would be around $14k. It expires in a few years.
So, all things equal, in a few years our property tax will go up roughly $2k.
If the recent numbers in this thread are true, that means when the abatement expires, the city will go from collecting ~$11.4k per year, to $7k per year from us.
This building has around 100 units in it. Meaning when the abatement expires, the city will lose (approx., at 2018 numbers) $450k per year.
Now, extrapolate your example by the many buildings that will see abatements expire over the next few years and decade, and you start to see a huge looming budget hole. And, the only way the city will be able to plug that hole is by getting more people to move here, or by raising taxes. All those people picketing in front of city hall, demanding that abatements be done away with have no idea what they are asking for, and what will happen if their misplaced demands were suddenly manifested.
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