New York City lost more than $100 million in property taxes last year because of privately negotiated deals with some of the world's richest companies.
Deals that lead to lost property taxes
The companies - including behemoths like JPMorgan Chase, Pfizer and NBC - have paid a fraction of their normal property tax bill for years through these little-known deals, commonly called PILOTs (Payments in Lieu of Taxes).
So why haven't we heard much about these other tax giveaways in, say, the liberal New York Times? Maybe because the newspaper of record is feeding at the same trough.
The Times paid $219,000 in PILOTs last year for its new printing plant in College Point, Queens, the report said. That's a paltry 13% of the $1.7 million assessed tax on the Times plant.