Should the largest corporations and developers still be getting funding and huge tax breaks paid for by hikes in your property tax bills?
Big breaks and handouts continue to be passed out to those you might imagine need it the least. On Long Island, Baldwin is attempting to attract more developers with a $10M grant. Another developer stands to benefit from an estimated $1.2B tax break around the new Penn Station area makeover project. There are countless other examples.
Why Do Big Companies Get Such Huge Benefits?
Some debate that this is all just about refunding political donors, or skimming money as these funds are passed through many hands.
Primarily it is argued that grants and property tax breaks are given to these companies to help create jobs, attract tourists, and lift property values (which in turn means more property tax revenues).
It Rarely Pays Off
It rarely pays much in dividends for the taxpayers who fund these big developers with their hard earned wages and excruciatingly high property tax bills.
Rarely are there as many jobs, or high paying jobs created as promised. Just look at Amazon. They are already throwing in the towel on their recent project, and are renting the space they’ve built to other companies instead.
When it comes to tax breaks and funds for builders promising ‘affordable’ apartments, those rentals inevitably seem to be priced at the top of the market (not affordable), or the rules for potential residents just don’t make sense, and they sit empty for many years.
What if small business owners and homeowners got lower, fairer tax bills?
Then they could afford to hire people, without destruction to the environment, and would get to keep more of their paycheck. It would stay a more attractive place to live, and visit on vacation, fueling the area with more revenues, without bleeding the loyal few to death in taxes.
Whether you agree with the principle of funding these big corporations out of your own paycheck or not, or want to pay for it or not, you should be checking your property tax bills, and avoid overpaying. We can help you do that…