Date: Tue, 25 Dec 2007 23:03:15 EST
Subject: Fwd: another way city losing property taxes
You are probably aware of this by now but- (Nice to get your own personal coverage like today- Always scary about how much the press will get right though.)
Michael D. D. White
Thursday, December 20th 2007, 4:00 AM
The giant American International Group paid nothing in PILOTs for fiscal 2007, saving $4.1 million on its annual property tax bill.
Until recently, no one knew exactly how much the tax breaks were costing the city. Then in 2005, after city Controller William Thompson released an audit blasting the city's poor monitoring of PILOTs, the City Council passed a law requiring the mayor's office to supply the Council speaker with a report of all PILOT revenues and expenditures.
"New York City lost more than $100 million in property taxes last year because of privately negotiated deals with some of the world's richest companies.";
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