logo CityLand
      • Home
      • About CityLand
      • CityLand Sponsors
      • Filings & Decisions
      • Commentary
      • Archive
      • Resources
      • CityLaw
      • Current Issue

    Council seeks to end MSG’s tax break

    Property Tax  •  Herald Square, Manhattan

    Resolution asks Albany to end Madison Square Garden’s property tax exemption. On January 30, 2008, the City Council passed a resolution calling upon the State legislature to revoke Section 429 of the State’s Real Property Law, which allows Madison Square Garden to receive a full property tax exemption.

    The exemption dates back to 1982 and allows the Mayor to negotiate with the Garden to ensure the Knicks and Rangers continue to use the facility because “the presence of professional major league sports teams greatly contributes to the general and economic welfare” of the local community. The exemption was intended to keep sports teams in the City by easing the economic burden associated with running a professional sports facility. According to the Independent Budget Office, the tax break will save Cablevision, which owns the Garden and both sports teams, $11 million during fiscal year 2008. (read more…)

    Tags : Cablevision, Madison Square Garden, mpire State Development Corporation, property tax exemption, Section 429 of the State’s Real Property Law
    Date:02/15/2008
    Category : City Council
    Leave a Comment

    Subscribe To Free Alerts

    In a Reader

    Desktop Reader Bloglines Google Live Netvibes Newsgator Yahoo! What's This?

    Follow Us on Social Media

    twitterfacebook

    Search

    Search by Category

      City Council
      CityLaw
      City Planning Commission
      Board of Standards & Appeals
      Landmarks Preservation Commission
      Economic Development Corporation
      Housing Preservation & Development
      Administrative Decisions
      Court Decisions
      Filings and Decisions
      CityLand Profiles

    Search by Date

    © 1997-2010 New York Law School | 185 West Broadway, New York, NY 10013 | 212.431.2100 | Privacy | Terms | Code of Conduct | DMCA | Policies