Tuesday, June 26, 2007

Knox Cnty gives away $8.2 mil of taxpayer money

This tax break is for Condos!!! This is getting really ridiculous!! I say again...the next time anyone wants to build a house in Knox County, call the Mayor and tell him you will NOT build your house in Knox County unless you can use your property tax money to pay off your mortgage, otherwise you will build your house in another county. If this type of tax break is good for a downtown condo it ought to be good for anyone building a home in Knox Cnty.
Who will pay for the govt services that these condo owners use? YOU WILL!!!!!

Link

Commissioners approved the tax break 15-3 after lengthy debate over the tax-increment financing package proposed by Mayor Mike Ragsdale's administration.

Tax-increment financing, or TIF, generally allows additional property tax revenue generated by a project to be used for paying debt on the project.

Some commissioners worried about giving a break to high-dollar downtown real estate.

"I'd love to see this project. Those condos would sell for half a million," said Commissioner Frank Leuthold, but "I don't think people living in $100,000 or $200,000 homes appreciate subsidizing condos downtown. I don't think this is the appropriate use of the TIF program."