Under most of the abatement plans I have seen in this city, the City is
actually receiving MORE than its fair share of the revenue, meaning that the
City is collecting substantially MORE than it would receive under a traditional
property tax scheme.
Meanwhile, I have seen repeated examples where the taxpayers under the City's
PILOT plan are actually paying MORE than they would under traditional property
taxes for similar assessed values. Where is the incentive to invest in those
cases?
Werner, you are right that a properly-functioning abatement plan can have the
dual effect of lower taxes for the property owner and higher revenues for the
City, relative to traditional taxes. However, in many cases in AP, the result
is lopsided in favor of the City.
In any case, these abatement plans are putting properties back into the revenue
stream that have been generating NEXT TO NOTHING in tax revenue for decades.
Don't cry a river for the City tax collectors or AP residents in general over
tax abatements - they are getting a good deal.
--- In AsburyPark@yahoogroups.com, "wernerapnj" <wernerapnj@...> wrote:
>
> What is "broken" about it ?
>
> Tax abatement is a legally permitted process to encourage development.
> It reduces the property tax bill and if crafted properly increases or at
> least is equal to the City receiving what it would have without an abatement.
>
> I was very outspoken when abatements were being formalized to inform the
> Council that the City should get its fair share or more for allowing the
> abatement.
>
> The school system has enough money to throw away, don't you think ?
>
> Werner
>
> --- In AsburyPark@yahoogroups.com, "oakdorf" <oakdorf@> wrote:
> >
> > ...The county will receive five percent of the payment, as required by law,
> > and the school district will not receive payment.
> >
> > A broken system.
> >
>
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