local champion
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I am 3 said:
And more to the point- so blue jackets get public aid, thus causing everyone's property value to rise, so the city can tax home owners more? That's a one - two punch don't you think?
Complaining that you have to pay more property tax because your home value has risen is like complaining that you have to pay more in tax with your 500k job than you did with your 50k job.
BrianCW
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local champion said:
Complaining that you have to pay more property tax because your home value has risen is like complaining that you have to pay more in tax with your 500k job than you did with your 50k job.
Not quite. Having a higher paying job puts more dollars in your pocket; paying higher taxes because of an increase in property value does not. You can only hope to realize those gains when you sell the house...and hope its at least for the value you pay taxes on...
Anyways, as far as the 1, 2 punch of funding it with tax payer dollars and making people pay higher property taxes because of it, I ask:
How many people are paying higher property taxes due to an appreciated home value as a result of the arena?
Not many. I am sure there are some people close to the arena paying higher property tax, but most people in Columbus are not. The arena is not affecting home values in the 'burbs and doesn't affect most home values in the city. So I think it's a moot point.
As far as funding the arean through tax payer dollars...that's a whole 'nother can of worms. Nationwide Arena is a large lynch pin to the arena district and having it go under/not being used/not occupied by a team/buldozed/etc was and is not in the best interest of the downtown area and Columubs as a whole. But, using taxpayer dollars to "fix" the problem, I am not quite sure...
Regardless, something had to be done and the City moved. The Arena and the Blue Jackets will continue to be downhere and, in the long run, that's a huge plus for Columbus.
If we could only make the playoffs again...
I am 3
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local champion said:
Complaining that you have to pay more property tax because your home value has risen is like complaining that you have to pay more in tax with your 500k job than you did with your 50k job.
how am i complaining? I am simply stating that tax dollars are being used to keep property values high - that's a fact
I am 3
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BrianCW said:
Not quite. Having a higher paying job puts more dollars in your pocket; paying higher taxes because of an increase in property value does not. You can only hope to realize those gains when you sell the house...and hope its at least for the value you pay taxes on...Anyways, as far as the 1, 2 punch of funding it with tax payer dollars and making people pay higher property taxes because of it, I ask:
How many people are paying higher property taxes due to an appreciated home value as a result of the arena?
Not many. I am sure there are some people close to the arena paying higher property tax, but most people in Columbus are not. The arena is not affecting home values in the 'burbs and doesn't affect most home values in the city. So I think it's a moot point.
As far as funding the arean through tax payer dollars...that's a whole 'nother can of worms. Nationwide Arena is a large lynch pin to the arena district and having it go under/not being used/not occupied by a team/buldozed/etc was and is not in the best interest of the downtown area and Columubs as a whole. But, using taxpayer dollars to "fix" the problem, I am not quite sure...
Regardless, something had to be done and the City moved. The Arena and the Blue Jackets will continue to be downhere and, in the long run, that's a huge plus for Columbus.
If we could only make the playoffs again...
short north was one of the few areas in the city that saw a virtual across the board increase in value - sponsored in part by Columbus public tax dollars buying the arena to improve the areas viability
DavidF
Elysium Fields
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I am 3 said:
short north was one of the few areas in the city that saw a virtual across the board increase in value - sponsored in part by Columbus public tax dollars buying the arena to improve the areas viability
Actually, I'm sure the arena had little to nothing to do with short north property values rising. It's a highly desirable area to live in as is. It has more to do with the development that has occurred within the short north, Italian Village, Victorian Village, etc. Similar to German Village. I owned a house there for 3 years and saw a 30% appreciation for no other reason than there was a large market demand with limited opportunities to buy.
Coremodels
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misskitty
Columbus
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It is worth noting that Nationwide and the Other Property owners in the area (dispatch) essentially told the city to bend over and spread its cheeks. Without opposition, the city did so and found a grimy ass way of doing so by avoiding a public vote they knew they would lose. Yea nothing bad about that…
I still do not think the Blue jackets would have ever left it was all about money and all the threats were to make people feel better about subsidizing a awful sports team with tax payers money. It’s was pretty obvious how bias the whole situation was and it pretty much made it clear just how our city operates.
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Columbus Underground
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Report: Indiana gaming has seen five years of declines
Business Courier by Dan Monk, Senior Staff Reporter
Date: Thursday, May 10, 2012
Don’t blame Ohio’s newborn gaming industry if casinos fade in Southeast Indiana. That train left the station in 2007. The American Gaming Association is out with its annual “State of the States” report, a look at casino gambling in every state where it’s legal. The 2012 edition ranks Southeast Indiana as the 17th largest casino market, based on 2011 revenue of $625.4 million. In 20008, the Indiana trio of Lawrenceburg, Rising Sun and Vevay ranked 12th on the same list, with $795.1 million in revenue (again, based on prior year’s revenue).
READ MORE: http://www.bizjournals.com/cincinnati/blog/2012/05/report-indiana-gaming-has-seen-five.html
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Columbus Underground
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State Braces For Problem Gamblers
By: TED HART | NBC4i.com
Published: May 11, 2012
Inside the old historic Higbee building on Cleveland’s Public Square, the glitzy, new $350 million Horseshoe Casino is ready for its grand opening Monday night. But gambling opponents say back in the shadows of all the excitement lies the sad reality that Ohio will see a noticeable increase in problem gambling, individuals who, by the time they ask for help, will already be broke and likely have other personal problems as well.
READ MORE: http://www2.nbc4i.com/news/2012/may/11/3/state-braces-problem-gamblers-ar-1033534/
cheap
Westgate
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"There is some research available that for every $50 of economic benefit there's $300 in social costs,” Anderson said. “So for $50 in tax revenue we have increased wear and tear on the roads, increased police presence, increased DUIs, foreclosures, bankruptcies, divorces, child abuse, child neglect and so forth."
bldng4jstc
Downtown
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cheap said:
"There is some research available that for every $50 of economic benefit there's $300 in social costs,” Anderson said. “So for $50 in tax revenue we have increased wear and tear on the roads, increased police presence, increased DUIs, foreclosures, bankruptcies, divorces, child abuse, child neglect and so forth."
Looked into the 50:350 figure. As far as I can tell, it's from a respectable source, "Earl L. Grinols" but the numbers come from a Fed Reserve report of expert opinions in 1995. The numbers seem to have never been published in a journal.
Furthermore I discoverd that he also states:
Costs of introducing gambling depends on starting base, but typically > $166 per adult. Benefits < $54. Large costs are privately borne, but 64 percent are publicly borne and 39 percent are tax-supported public costs.Source
The values in his journal articles range wildly. His work suggest that keeping social impact low depends on two aspects. First, has a city/state done anything to force casino owners to not rely on compulsive gamblers? Second, do most gamblers come from out of the local region?
Coremodels
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cheap said:
"There is some research available that for every $50 of economic benefit there's $300 in social costs,” Anderson said. “So for $50 in tax revenue we have increased wear and tear on the roads, increased police presence, increased DUIs, foreclosures, bankruptcies, divorces, child abuse, child neglect and so forth."
Now let's do that story with bars.
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Columbus Underground
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Ohio's new casinos could cost cash-strapped Detroit $30 million a year, analysis predicts
May 13, 2012
When casinos open starting this month in four cities in Ohio, Detroit may come up a big loser. The already cash-strapped city could see a decline of up to $30 million a year in its casino tax revenues by 2015 as Ohio's casinos cannibalize the regional gaming market, a new analysis predicts.
Since Detroit gets about 15% of its general fund revenue from casino taxes -- about $177 million of the $1.2-billion general fund budget for the year that ended last June 30 -- a $30-million hit would be a big loss.
READ MORE: http://www.freep.com/article/20120513/BUSINESS06/205130580/Ohio-s-new-casinos-could-cost-cash-strapped-Detroit-36-30-million-a-year-analysis-predicts
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Columbus Underground
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State's billion-dollar casino industry set to launch
By Joanne Huist Smith, Staff Writer
Updated 8:49 PM Saturday, May 12, 2012
Pro-gambling interests have invested heavily on a simple bet: that there is money to be made in Ohio. Construction costs alone for four casinos will approach $1.5 billion. Millions more were spent convincing Ohioans that casino gambling would give the state a much-needed economic jolt — a campaign debt that as of January was still being paid off.
READ MORE: http://www.daytondailynews.com/news/dayton-news/states-billion-dollar-casino-industry-set-to-launch-1374817.html
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Columbus Underground
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Ohio casino tax-revenue projections on decline
Jun. 1, 2012
Written by Alexander Coolidge
Ohio’s new casinos are starting to open as revised projections show a 40 to 50 percent drop in gambling tax revenues – potentially affecting cities, counties and public schools across the state.The Enquirer compared latest tax projections by casino developers with projections they supplied in 2009, when voters approved full-fledged casinos in Cincinnati, Cleveland, Columbus and Toledo.
READ MORE: http://news.cincinnati.com/article/20120601/BIZ/305300141&Ref=AR
jbcmh81
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News said:
Ohio casino tax-revenue projections on decline
Jun. 1, 2012
Written by Alexander CoolidgeOhio’s new casinos are starting to open as revised projections show a 40 to 50 percent drop in gambling tax revenues – potentially affecting cities, counties and public schools across the state.The Enquirer compared latest tax projections by casino developers with projections they supplied in 2009, when voters approved full-fledged casinos in Cincinnati, Cleveland, Columbus and Toledo.
READ MORE: http://news.cincinnati.com/article/20120601/BIZ/305300141&Ref=AR
This is exactly why I think Columbus made the best move by not putting this in the AD. There was way too much hype associated with the casinos in the first place and they were always far more likely to not be the economic engines they were made out to be. I still hope that the West Side sees some benefit in the long run. At the very least, the project has put more attention on that area, but the casino itself is not going to be a slam dunk for revitalization.
heresthecasey
Funkytown
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jbcmh81
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misskitty said:
Awesome so now we can support a failing hockey team in the Arena District with fewer funds then planned. But as long as it’s not in the Arena Districts back yard right?
These are two different issues, and your logic makes no sense. Falling revenues are being projected even in those casinos that went into downtowns, so having the casino in the AD would not equate to more available funds.
bucki12
wp
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Had to pick up a a few things at the Sears at Westland. That area of Broad has really, really been hit hard. I wish I had take a few pictures of the almost white, time and sun faded stop signs I saw. If any place deserves the casino money for revitalization, it is the casino's own neighborhood.
@jbcmh81- I think she is talking more about where the $$ is going, so less will be hitting the Westside.
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