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Short North Tax Abatements

Home Forums General Columbus Discussion Development Short North Tax Abatements

This topic contains 19 replies, has 14 voices, and was last updated by  Cbussmallbiz 3 years, 4 months ago.

Viewing 15 posts - 1 through 15 (of 20 total)
  • Author
    Posts
  • #1126702
    lazyfish
    lazyfish
    Participant

    Interesting interview on WOSU, no longer available on their website, with Mayor Ginther advocating for additional tax abatements in the Short North.

    http://webcache.googleusercontent.com/search?q=cache%3AbS7M9DEd-NIJ%3Aradio.wosu.org%2Fpost%2Ftranscript-columbus-mayor-andrew-ginther-short-north-tax-abatements%20&cd=1&hl=en&ct=clnk&gl=us

    #1126715

    honestlyinsincere
    Participant

    Not a very attractive side of the Mayor: “Andrew Ginther: You’re opinion is that it has not, and that it has not worked and the Short North has been an abject failure. And that’s wrong.”

    #1126718
    Walker Evans
    Walker Evans
    Keymaster

    Interesting interview on WOSU, no longer available on their website…

    It’s back up today, along with the full story from them.

    Looks like it was published accidentally yesterday (Sunday – not a great day for releasing big news).

    #1126745

    hometown
    Participant

    As a long-term Short North/VV resident and homeowner, all I can say is, this is supremely irritating. Our property taxes are now up to $7,000 a year with no end in sight. If the area really needs tax abatements, perhaps we should be in line for one as well.

    #1126755

    Likes Old Houses
    Participant

    Ditto.
    This place is a straight up flip, and it has a tax abatement?

    http://www.herrealtors.com/homes-for-sale/919-N-4th-Street-Columbus-OH-43201-178340339

    I’m sorry, I have spent 12 years renovating my house, and now I have the pleasure of paying more taxes..

    #1126764

    jOHnH
    Participant

    Can anyone shed more light on how properties like the one on 4th qualify for an abatement?

    #1126767

    ohbr
    Participant

    I brought this up in the Millenial Tower discussion. In February, dispatch Ran an article that didn’t seem to get much attention about the slowing tax revenue. Particularly pertinent to this discussion in that for 2015, the property tax revenue is down by $9million. That number did not appear out of nowhere so that number has certainly been growing over the last few years and will probably grow if we don’t start to rethink our abatement system. Perhaps incremental is the way to go. Fully Abated for 5, paying full by year 10, but with so much money influencing city hall from developers, that’s not likely to happen. I’m glad this study is being done but I don’t see anything changing unless the developers want the change.

    As for the OSU article, I’d love to see some more direct questioning of the mayor like this, but I don’t think he’ll be doing many more interviews for away. Especially with WOSU.

    http://www.dispatch.com/content/stories/local/2016/02/15/slower-revenue-growth

    #1126796

    Did you say MORE? The Short North needs more tax abatements? Would tonight be soon enough?

    http://www.dispatch.com/content/stories/local/2016/05/16/Columbus_City_Council_Preview.html

    #1126838

    clancy12
    Participant

    It is not just the abatements, it is the TIF districts too. Even after the abatements expire the county general fund and services lose out. For instance someone living in a condo in Miranova with an assessed value of 700K has just a small fraction of their taxes distributed to these things– the bulk of their taxes are divided between the school district and the TIF district.

    #1126839

    clancy12
    Participant

    no.

    #1126840

    clancy12
    Participant

    Can anyone shed more light on how properties like the one on 4th qualify for an abatement?

    no.

    #1126848
    lazyfish
    lazyfish
    Participant

    apparently one can rehab, update, renovate and deduct the cost of improvements from the new value for x years, i was also wrongly thinking abatements were for new builds only….not sure I object as much with district wide abatements for rehab, would even be cool if flippers used them to fix vacant/abandoned properties- that might be a nice low income subsidy for affordable housing.

    #1126850

    ehill27
    Participant

    I’ve typically been supportive of abatements where development incentives are needed. This clearly does NOT apply to the Short North. The Short North hasn’t needed development incentives in at least 15 years.

    A baffling giveaway of tax money.

    #1126995
    lazyfish
    lazyfish
    Participant

    These parking lot deals are shady when we give them the land free, lend them the money interest free, forgo 300-400K in revenue yearly and in 30 years they own it outright. Still not clear who collects and keeps the revenue from the public parking spaces for 30 years…

    #1126996

    buckeyecpa
    Participant

    Shady or good investment? The ROI on the hotel site is one to be celebrated. The city gained more parking by supporting this, allowed the creation of jobs (construction, hospitality, retail)along with the tax revenue through payroll, sales, hotel, income. At some point there will be property taxes paid too. Give a little gain a lot.

Viewing 15 posts - 1 through 15 (of 20 total)

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