Quote:
Originally Posted by Hack&Lube
Can we talk about the real issue? Why is the city increasing taxes on commercial properties at a time when vacancies are at an all time high and minimum wage increases are hurting small business? Does the city just say we are going to collect X amount of tax and because all the downtown properties crashed in valuation it means all the mom & pops have to pick up the slack of the major corporate players who aren't paying anymore?
We all know that increasing property taxes on landlords only leads to them simply passing down the cost to their tenants in increased rent or operating costs.
This makes it even harder for all the small business tenants to even survive.
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Its math. The city needs X dollars, so they divide that out to the properties (weighted by property value). There is more vacancy so there is fewer denominator so the remaining properties have to pay higher tax.
Everyone complains about property taxes but the city needs money to function! I don't see people complaining that they have too many big blue ring.