Key Number: Amount Generated From Ballpark Taxing District
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Revenue sources include:
property taxes
meals taxes
parking
team lease payments
Comments
Anonymous said…
How much do the WooSox pay in real estate taxes?
Anonymous said…
The WooSox pay zero in city real estate taxes (like all of the insiders)
The city”owns” the ballpark and the city doesn’t pay taxes to itself
I use quotes areoun “owns” because the city is owned lock, stock and barrel by the WooSox on this deal. The city oaid all of their costs and collects rent which is 0.00001% of the market rent. My barbershop pays more in rent for a 1000 sq foot space.
Anonymous said…
Paying no real estate taxes makes no sense regardless if the City owns the property. A McDonald's could operate in a City owned property and not pay real estate taxes but a Burger King could have a store across the street and pay real estate taxes. Does that make any sense?
Anonymous said…
Re: the McDonalds vs BKexample- it depends.
The city can only tax a taxable interest in real estate and tax personal property .
If. McD has an actual lease versus a mere concession agreement, it would pay real estate taxes because the lease is a taxable interest in real estate (even non taxable real estate). A concession agreement is an agreement to provide services for which MCD works out a pay,ent agreement , which is not taxable. It’s like you not having to pay your employer,s real estate tax just because you work at his or her office building.
Comments
The city”owns” the ballpark and the city doesn’t pay taxes to itself
I use quotes areoun “owns” because the city is owned lock, stock and barrel by the WooSox on this deal. The city oaid all of their costs and collects rent which is 0.00001% of the market rent. My barbershop pays more in rent for a 1000 sq foot space.
The city can only tax a taxable interest in real estate and tax personal property .
If. McD has an actual lease versus a mere concession agreement, it would pay real estate taxes because the lease is a taxable interest in real estate (even non taxable real estate). A concession agreement is an agreement to provide services for which MCD works out a pay,ent agreement , which is not taxable. It’s like you not having to pay your employer,s real estate tax just because you work at his or her office building.