Posted on 07/08/2004 5:21:26 AM PDT by MeneMeneTekelUpharsin
Mirant and the Ramapo school district in New York have cut a tax deal. Do a search on Google, etc. Major news!!!!!!
Marvelous news!!! Can't post the story because of a copyright complaint. Search "Mirant, Ramapo Cut Tax Deal" and you'll find it at the Journal News website. This is major news regarding the Mirant case and needs to be documented here.
Why is this "major" news? Can you provide a summary?
Why is this story great news? I live in the school district in question and the fact that this company is not paying half of the school taxes they owed is awful news. It just means that homeowners like me will have to make up the differnece I'd imagine. Explain yourself.
Yes. Mirant and Ramapo school district had a disagreement over "property taxes". Ramapo believed Mirant owed in this case $900,000 in taxes and Mirant said that it didn't. Settlement came to $90,000 which Mirant will pay to Ramapo instead of $900,000. Also, another case is about to be heard shortly involving another assessment of Mirant's property which is excessive. These districts want to put all of the tax burden on the corporation instead of equal distribution to all taxpayers.
Perhaps in this case you'll end up paying about the same amount of taxes that many others are paying elsewhere instead of getting a special break. Why should the company pay MORE than its fair share of taxes? Especially why in light of the fact that the company is having diffculty remaining solvent. I don't have much sympathy for overassessment of taxes.
It might allow the company to survive with the equity intact (part of the big picture). If it does, a lot of individuals who invested for very noble reasons will be able to at least get a reasonable return on their money. If not, a lot of folks who invested for the future are burned. Depends upon which side of the fence you're on...taxpayer letting the corporation pay their taxes or investor trying to get a return on investment for retirement, children's education, etc.
Thank you. Now I've got enough of a backgrounder to do some independent Googling.
corporations traditionally pay a higher assessment rate than residential properties so what are you talking about? I'm guessing that the town probably took what it could, rather than getting nothing at all. I'll ask around and find out more on this.
Thanks. Looking forward to reading about what you find.
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