School District Taxes
Once the new building is completed, the taxes on the new assessment will be phased in over the next 10 years. Starting year 11, Travis-Hyde will be paying taxes on the full assessment for the Library Place project. When fully understood, the economic benefits of these projects is clear.
Tax abatements often make the difference in whether or not a project can be built at all. If the tax authority issuing incentives is willing to defer the time in which full taxation starts, it has created a new revenue stream for decades from a project that otherwise would have been financially infeasible.
The other major measure of success is the financial impact these projects have. The active projects have created over jobs.
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Travares elaborates on the importance of these projects. With rare exception, Tompkins County IDA projects have a net positive economic impact on the community in the form of direct or indirect jobs, new tax revenue, alternative energy production, new housing units, or other quantifiable increases in economic activity. In addition, all IDAs are carefully watched and audited by the state to ensure compliance with the law and that the projects are fulfilling their obligations.
But if a developer really does not meet their promises we will seek claw back.
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An incentive was given to Emerson, for example, when they brought a new division into Tompkins County. And they ended up closing the plant and moving.
Tompkins-County Property Tax Records - Tompkins-County Property Taxes NY
They paid back the abatement. New York State watches us very carefully and we get audited.
And that question of are you properly policing all your abatement projects is asked and looked at very carefully. So, it is not just the community looking at us.
It is New York State, too. One must wonder why there has never been a discussion by either the TC Legislature nor the Ithaca Common Council of this operational review, nor a public forum to address the serious contradiction to the claim in this article that "TCIDA holds the developers of its projects accountable. Thursday, November 7, Log in.
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