3 ms·
This is a great point, but also if the MTA builds a subway which increases land value, then the city will get an increase in property tax as the property value
by raiflip 9y ago
This is a great point, but also if the MTA builds a subway which increases land value, then the city will get an increase in property tax as the property value has increased, thereby effectively getting increased tax revenue from the subway.
Nonetheless the point you make is valid, and I think either there needs to be a separate specific property tax linked to the subway increasing value, or a portion of the property tax increase from a stop being built needs to be earmarked for the subway. Probably the former.
- ryanianian 9y agoAgreed. What I dislike about using general-purpose property-taxes is that everyone pays them, not just those close to the subway, and not just those buying new homes at $$$ market-rates. Long-time property-owners who bought in the 60s can see huge property-tax bills that sometimes exceed original-purchase-price on a yearly basis. Exclusively targeting those who (1) buy at recent market rates and (2) are within a "favorable" distance to a subway stop seems (to me) to be a fair way to extract some of the benefit provided by the subway to help pay for it.