Thursday, December 20, 2007

Lost tax revenue

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.


Anonymous said...

It's far easier for NYC
to squeeze the nuts of the small homeowner
by increasing their real estate tax burden each year
to make up for any shortfall.

But heaven forbid they discourage
companies like the New York Times
from leaving New York
by demanding they pay their fare share.

So the NYT stays in College Point
with a big fat tax break
while they continue to pollute the aquifer
with toxic run off !

Anonymous said...

You see! The public CAN buy St Saviours - we need a tax revolt and start to withhold our portion of public taxes that finances the developers!

Then we can decide if our moneys are used for our communities or to satisfy campaign donations.

Anonymous said...

NYC wants big business to stay here
so they kiss their asses
by proving them with hefty tax breaks
while they break the little guys back
with hefty increases.

In the end....
if we're taxed out of our single family homes
(the rates are hitting the ceiling)
do you think our bastard mayor gives a crap ?

Absolutely not!
The plan is to drive out the middle class
(who are his most effective critics).

The remaining poor will have little to say.
They'll be working 12 to 14 hour shifts
and be too tired to voice any complaints.

Their fate is to be the toilet slaves
of their wealthy masters!