For 44 years now Madison Square Garden has been exempted from paying property taxes to New York City. The arena has been the only sports venue in the city that’s able to skip out on the bill since 1982 thanks to a poorly thought-out bit of panic l...
For 44 years now Madison Square Garden has been exempted from paying property taxes to New York City. The arena has been the only sports venue in the city that’s able to skip out on the bill since 1982 thanks to a poorly thought-out bit of panic legislating last century, despite the fact that it sits on ludicrously valuable land smack dab in the middle of Manhattan on top of a thriving mass transit network that makes it easy to get to and from games and concerts. A 2023 report from the city’s Independent Budget Office put the total amount of unrealized tax revenue from MSG at a staggering $946.7 million between 1984 and 2023, and estimates from the city Department of Finance since the report came out push that number over $1 billion in total. Since 2015, the city has been losing out on over $40 million per year in property taxes. Is it time to change the exemption finally? Knicks fan Dave Colon. makes the case here. submitted by /u/thenygroove [link] [comments]
