The Place Where Ludington Talks
Poor Baby...now has to pay taxes like the rest of us!
It's a bitch when your artificial tax abatements are taken away, isn't it?
http://www.mlive.com/news/grand-rapids/index.ssf/2016/06/downtown_c...
I'm not sure what he was planning to do in 12 years, move?
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Replies to This Discussion
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Permalink Reply by Willy on
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I don't support these tax reduction project because other property owners will have to pick up the tab, however, if they had an agreement for a full 12 years then that should be honored.
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Permalink Reply by stump on
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Lots of company's do it. Have the cities build factories, get tax abatements and then when their tax reduction is up they move to another state with a small city is so eager to get some jobs they sell their soul to them, then the company will suck the blood out of them and then again move on.
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Permalink Reply by XLFD on
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This is the hidden part of the Bowling Alley Block development that won't be told to you by the developer or city leaders, who love their downtown being developed. As noted previously, in the development it effectively costs $300,000 per apartment constructed. If you are a homesteader with Ludington's nearly 39 mill rate you would normally pay over $10,000 in property taxes, presuming the value of your house is $300,000.
Simply put, if you have forty condos/ upscale apartments, the taxing authority is looking at other options to make up that $400,000 per year drain on them for those twelve years of the abatement. In the long run, it is unsustainable ruination of your city, in the short run it looks like development. When the abatement ends, people will start migrating.
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