Re: 'What is this, Russia?' Jersey City property owners fight developer
Posted by JCGuys on 2018/7/10 18:05:44
For anyone who wishes to see actual data, and not the lies pushed by Yvonne, refer to the actual JC budget documents, or take a look here: https://public.tableau.com/profile/jer ... 11-2016/2016TotalRevenues.
You will see that PILOTs account for a full 35% (a little higher, actually) of the taxation revenue (~128MM out of 350MM).
In order to replace that much revenue, you would need to have 16 BILLION worth of real estate property, paying the new rate of 1.62%. Remember that the city only gets to keep about half of that rate (with 25% going to the county and 25% going to the schools) which is why 16 BLLION would only generate 128 MM in taxes. Explain to me how we are going to replace 128 MM worth of revenue by adding a paltry 3 Billion dollars worth of real estate??
Can anyone refute this point?
The city would have a budget defect if all abated properties were taxed at the normal rate, rather than receiving the PILOT payments.
bodhipooh math looks correct. If not, please point out where it is flawed.
The county and school board would have access to the additional ratables and that should push down the tax rates for both (or allow them to spend more, the more likely outcome).
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