Tax breaks such as TIFs, PILOTS, Brownfields Credits, Enterprise Zone Tax credits are used by corporate developers across the country to defer millions worth of property taxes for decades while working class property owners pay the full tax rate. TRNN reporters Taya Graham, Stephen Janis, and longtime Baltimore reporter Jayne Miller take a deep dive into this wealth creation mechanism that remains out of the hands of the people and leaves city taxpayers on the hook.
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It’s gross! We have those all over New York State called “Empire Zones”! NYS has the highest taxes in the country and it’s all shouldered by the poor and what use to be the “middle class” which no longer exists and those working class folks who would have been comfortable 40 years ago are now two working parents working more than ever away from their families yet have NO SAVINGS and NO ability to get ahead leaving everyone living paycheck to paycheck one medical emergency away from bankruptcy and ruin! It’s NOT right!
PROJECT GLOSSARY
TIF (Tax Increment Financing) – A general term covering all public financing tools that allow cities and counties to allocate a portion of future property tax revenue within a defined district toward economic development projects.
EIFD (Enhanced Infrastructure Financing District) – A special public financing tool and a type of TIF district cities and counties can form to help fund both capital and maintenance costs of economic development projects; EIFDs are currently able to fund affordable housing, infrastructure maintenance, transportation infrastructure, stormwater and sewage treatment, and climate adaptation projects.
Base Year – Year in which the EIFD is created.
Tax Increment Baseline – The total appraised value of all taxable real property within the district for the base year.
Tax Increment Value – The increase in property taxes tied to the increase in property value after the base year from appreciation in assessed value or property redevelopment.
City/County Increment – The property taxes levied and collected by the City/County for that year on the captured appraised value of real property.
Allocation Percentage – The portion of the City/County increment that the City/County designates for allocation to the TIF district.
Bond Financing – The most common form of TIF, in which a local government issues bonds backed by a percentage of projected tax increment value within the designated district.
Affordable Housing – Housing which is deemed affordable to those with a household income at or below the median household income as defined by the national government, or a local government by a recognized housing affordability index.
Infrastructure – Physical infrastructure projects pertaining to public works, including streetscape and stormwater improvements, flood control measures, transit and transit facilities, and new parks and open space.
Informative
isn't 'developer' euphemism, in such cases..
Absolutely, the rich have earned nothing. All "their" wealth was stolen.
Heya Taya, I can't watch your cop based vids, cuz too triggering, but I'm here for this. Not that this doesn't trigger me….. 😏
Guys, the essential problem is that these stories are never really shown in the mainstream media( mostly TV news…owned by the economic elite) that normal voters use as source of mis-information, so most of the people keep on voting the same liars that, working for companies and economic elite, allows these schemes to exist and receiving some hidden compensation for this gift. Former UK premier Blair was hired by some Usa bank, former german pm Schroeder was hired by Putin and Gazprom…If offshore bank and furms were oblige to operate according the same standard of transparency the banks we use are obliged the offshore system could be closed in two weeks…One could ask…How? The representatives of the g8 countries meet in those mostly useless G8 or Gx Summits ( or they could agree even without a physical meeting ) and decide to esclude from SWIFT system ( the same digital financial system one year ago they think for a minute to esclude Russia from…but then they refuse ….) every anonymous firm and every bank that doesn't apply standard levels of transparency like the banks ordinary people use… Don't whatch TV, Better read books like Treasure Islands written by Nicholas Shaxson. https://youtu.be/DRXizplXxmo
The US Government is a Criminal Cartel! Just like the Mafia. the Government is going to Destroy your Life, Steal your Property, Money, and Rights!!
No Matter who is in Charge… the People Lose! Cut the Government & Hold the Government Criminals Accountable to win again! Support the Freedom Caucus!
The Government Party… Yee Haw… Where did all the money go? Where did my Standard of Living Go? Phoof… just like your "Rights" they are GONE!
The Government, Cops, 3 Letter Agencies, MSM, Big Tech, Big Business, Big Banks all hate Cameras, Truth, Transparency, Accountability, Dogs, the Bill of Rights, and Citizens!
The Sheeple need to take a hard Look at the REAL Enemy… the Government! They steal your Privacy, Freedom, Liberty, money, property, rights, dignity, and your future!
You are NOTHING but TAX CHATTEL!
Wake Up Sheeple… you are not Free! It is all an Illusion to keep you under control! That should make you so proud… stand up tall and march down Main Street Waving Old Glory and singing the Star Spangled Banner! Baaa Baaa Baaa
According to Our Government: Spying, Violence, Lying, Extortion, Theft, Murder, & Corruption of Any Kind is Unacceptable in our Society… Unless the Spying, Violence, Lying, Extortion, Theft, Murder, & Corruption is Perpetrated by the Government!
The Beatings Will Continue… Until Your Compliance Improves… the Government wants good Obedient Slaves! Privacy, Freedom, & Liberty is VERBOTEN!
The Government hates Free Thinking & Critical Thinking! Back the Blue and get your Beating Too!
The Cops/Government has a POLICY and NO Accountability… You pesky citizens have the LAWS and Just-Us!
The laws are NOT made to protect the pesky citizens. They are made to protect the lawmakers, enforcers, and bureaucrats from the pesky citizens.
Has anyone else noticed… every time the Government passes a Law… the People Lose their Quality of Life, Money, Privacy, Liberty, and Rights while the Ruling Masters become wealthier?
Ronald Reagan – We Don’t have inflation because We are living too well. We have it because the Government is living too well.
When does the US Constitution and Bill of Rights Kick in? Where is the Accountability? When do I get the FREEDOM? When will the Government leave me alone and take their hands out of my pocket?
They aren't obscure if you read the tax code….
Now these folks are our true citizens! Thanks for your service.
This also going on in Detroit.
greedy developers la la la 🎶
greedy developers tra la la 🎵
😡😡😡
Another commy propaganda pice.. Stop begging and start doing.
Capitalism profits by selling illusions – the real price comes later – because the very nature of capitalism is NOT competiton, freedom or democracy or human well-being – it is in fact a dog-eat-dog system that ALWAYS leads to monopolistic abuse, political corruption and war. Capitalism INCENTIVIZES greed, theft, deceit, corruption and violence. It ALWAYS leads to alienation, embezzlement, psychological trauma and suicide.
You sound real sure its wealth that creates the problems, and what do you suggest to put something better in its place ? Or are you just damning something and not offering the solution?
Mariage of Corporation and Government = FASCISM! Fascism Is Socialist which is what we have in the U.S.A. ……Governments around the world are the puppets for Central Banksters that will implement their "Final Solution" against the middle class to make Slaves of us All ..Prepare; they are killing us now slow but sure, Covid, East Palistine Events, Transportation Problems, Food Shortages….Prepare Now! Food, Water, Shelter, Security, Community ,Surviveability ,Wealth 72 hours is all that it takes for people to riot because of no FOOD, WATER
you will never convince the poor that being rich is bad
Do it without bonds? Force developers to use their own money? What keeps the poor from also getting on the wealth train?
who is 'rich' to you? Someone making $150,000 per year? or someone making 1.5 million per year? or 1.5 Billion ? Central Banksters are the main problem ! Dont blame a guy using free capitalism…Blame the Social Fascist Propaganda instituted right now!
Legal mafia & hypocritical politicians in purest form!!!
It's amazing in America building industry builds housing for 1% while working class move into their cars, or wind up in tents or on the streets. KELO case all over again. All these developers do is tear down working class neighborhood. Protest Blackstone and Wall Street. Developers are cruel and guilty of housing abuse. These developers should be behind bars.