--- In AsburyPark@yahoogroups.com, "bluebishop82"
<[EMAIL PROTECTED]> wrote:
> Dan,
>
> Good point. That article I posted seemed to use all three
> interchangeably. Can you tell by the article which one Long
Branch
> is? Could it be a combination of all 3?
>
I suspect that it is an EXEMPTION and the misnomer of PILOT is used
erroneously. I think the article uses ABATEMENT incorrectly because
the taxes are effectively being abated, or lessened. What LB is
using sounds like the NYC programs, for instance, ICIP (Industrial
and Commercial Incentive Program). There are different terms, but
generally, the assessed value of the new improvements are 100%
Exempt for a period and then the EXEMPTION declines by 20% per year.
While PILOT is thrown around to mean than someone is paying less
than conventional taxes, that is not its true meaning and in fact,
someone can pay PILOT that can be equal or greater than conventional
taxes (in theory but not practice). Again, PILOT is more often used
to denote the payments made in lieu of taxes for a property that is
not subject (100% exempt) from taxes, typically owned by the taxing
authority or other governmental entity.
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