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How much does a city tend to collect, as a percentage from abandoned buildings?
My idea was to get $9/$1,000 instead of the typical $33/$1,000 on some Holyoke property in the attempt to create 50,000 jobs in 12 buildings over 25 acres. My budget for the demolition would be $7.2 million and would hope not to spend more than $20 million (equal to a 9% return) as it would expect a property tax receipts of $1.8 million/year on the $200 million property. The big problem is it is probably zoned residential and there is probably a sky-line restriction, too. Darn! The area has been dead for over 40 years; it would reduce the regional unemployment rate by 7.5% from 12% to 4.5%. I was hoping for 12 biotech buildings. The typical rate is $19 per $1,000 for households ($12.5 to $21 in nearby towns) and $33 per $1,000 for businesses ($28 to $36 in nearby towns).
2 Answers
- Bostonian In MOLv 71 decade agoFavorite Answer
If you have a well-developed plan for gentrification of a blighted area, especially if you have some reliable funding commitments, most cities, towns, or counties would be jumping out of their backsides to do whatever it takes to get you to commit.
There are tax breaks at the state and local level virtually everywhere for someone who wants to come in and resurrect a dead area. And in some areas there may be Federal breaks as well. The local city council or county commissioners would have full information on what's available and can find out quickly enough if they don't.
Blighted areas don't generate much if any revenues and often cost money in policing and fire protection costs. Often a LOT of money. In exchange for bringing in new businesses that create jobs it's often possible to get huge breaks on property taxes, often running into decades of little or no taxes at all. Local officials may also be very willing to change zoning as needed to accommodate the developer's needs especially if your plans are attractive and eco-friendly.
- MathewLv 71 decade ago
Such information is not readily available nor reliable. In addition it is rarely universal.
