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…)