Tax breaks for Greece Ridge Mall will raise taxes for all other taxpayers. By how much, you ask? About $25 million if future taxes track past inflation! Check my math.
The pending COMIDA plan freezes mall assessment at $91 million and calls for first-year PILOT (Payment-In-Lieu Of Tax) payments of $3.4 million. These will grow 0.6 percent annually, totaling $92 million over 25 years. By comparison, projected full-share tax payments growing at inflation (2.4 percent) would total $117 million. The $25 million shortfall becomes problematic for Monroe County, Town of Greece, and Greece Schools to either reduce their tax levies/spending or raise taxes.
For all who own or rent residential or commercial property, the pending tax breaks should give pause to contemplate three questions. First, should payers bear higher taxes for purposes that are not tied to public spending, and are not ratified by the respective elected governmental boards (county, town, school)?
Second, should public funds be used to subsidize tax expenses for private retail businesses ... in a way that favors only a few among many competitors?
Lastly, should taxpayers pay an extra $25 million in exchange for mall renovations reported to cost $11 million, including five restaurants?
GEORGE HUBBARD
Greece
Tax breaks for Greece Ridge Mall will raise taxes for all other taxpayers. By how much, you ask? About $25 million if future taxes track past inflation! Check my math.
The pending COMIDA plan freezes mall assessment at $91 million and calls for first-year PILOT (Payment-In-Lieu Of Tax) payments of $3.4 million. These will grow 0.6 percent annually, totaling $92 million over 25 years. By comparison, projected full-share tax payments growing at inflation (2.4 percent) would total $117 million. The $25 million shortfall becomes problematic for Monroe County, Town of Greece, and Greece Schools to either reduce their tax levies/spending or raise taxes.
For all who own or rent residential or commercial property, the pending tax breaks should give pause to contemplate three questions. First, should payers bear higher taxes for purposes that are not tied to public spending, and are not ratified by the respective elected governmental boards (county, town, school)?
Second, should public funds be used to subsidize tax expenses for private retail businesses ... in a way that favors only a few among many competitors?
Lastly, should taxpayers pay an extra $25 million in exchange for mall renovations reported to cost $11 million, including five restaurants?
GEORGE HUBBARD
Greece
