A Giant Property Tax Break
It’s not really all of a sudden. We noted back in April the stadium deal called for the team’s property taxes to be frozen for an additional 25 years. We also said nearly a year ago, that if the teams “were taxed at the same rate as our property, the New York football teams would be paying well over $12 million a year in property taxes”.
Under the deal, the teams would pay a flat $1.3 million fee, similar to a property tax assessment, called a Payment In Lieu Of Taxes or PILOT. The $1.3 million figure is based on the amount currently paid by the New Jersey Sports and Exposition Authority.The Mayor is right, why do New York football teams get a break on their property taxes? It’s just a shame it took Cassella a year longer than us to figure it out. The again, we are in the habit of looking out for New Jersey’s taxpayers. It’s too bad the majority of the state’s politicians could care less about those paying the bills – we’re just taxpayers.
But Cassella says taking into consideration the much-enhanced new stadium and its related development, a more realistic figure for the PILOT would be $10 million to $15 million.
Property tax breaks on top of paying off the debt on the old stadium to the tune of $115 to $120 million and ten of millions more in infrastructure upgrades, all at taxpayers expense. Cheaper rent on the land than the teams presently pay, less revenue for the state…. There’s nothing in this deal for New Jersey besides debt and the thrill of hosting two New York football teams.
Kill the deal Governor Corzine, there’s still time.