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The team paid close to $2m in property tax, it is a fact. .
The team paid $1.7M in property taxes. Of this, the Charlotte's portion was less than $600K. This has already been clearly stated above and comes directly from their tax bill.
Quote:
Originally Posted by frewroad
I find that it is always helpful to have the real data. Property Tax Info Bank of America Stadium & Land
Parcel ID = 07328101A
Description - Land 33.78 Acres
Owners - City of Charlotte
800-1 S MINT ST CHARLOTTE
Assessed Value 1993 - $62,974,200 ($101,179,710.15 - inflation adj.)
Property Taxes - EXEMPT
Parcel ID = 07328101B
Description = Stadium
Owners - Panthers Stadium LLC
800 1 S MINT ST CHARLOTTE
Assessed Value 2011 - $134,990,96 (Previous value $150.3M)
2012 Property Taxes - $1,713,434.46
So Panthers pay the property taxes of $1.71M/year based on a building value of $134M. Of this, the City of Charlotte portion is $589K.
Charlotte receives $589K/year in property taxes from the Panthers. This is $8.8M in 15 years. Certainly there is a false economy at work here where Charlotte is being asked to hand $136M over in return for a 15 year commitment.
Here is the state statute, but it appears every state has such a statute. I just read Utah's and Connecticut's . . . This is surely no basis for saying that underwriting a sports team provides some big return on investment through personal income taxes. The regs apparently are in re: to "interestate commerce."
It's another revenue stream to recoup some cash for having a stadium... one of many.
The team paid $1.7M in property taxes. Of this, the Charlotte's portion was less than $600K. This has already been clearly stated above and comes directly from their tax bill.
He said they paid CLOSE to 2 mill... choosing to split this into city vs state is your choice.
It shows another way the city and state makes money by having an NFL team in Charlotte...
One of the biggest mistakes detractors make when talking about sports is comparing their job or struggle to an athletes. It's a different beast altogether and a crazy tax like the Jock Tax shows how states find creative ways to get money from sporting events.
.and Ani, thanks for the eyeroll... I wasn't aware that I couldn't stray off the topic of property taxes
I apologize for the eyeroll. It was not directed to you at all. I very much appreciated your stepping in to explain what taxes were being discussed.
The eyeroll was meant to emphasize my exasperation with the continued discussion about how much the Panthers organization contributes in taxes to Charlotte. I hope you will accept my apology, as in looking back to that post, I can now see why you would have thought I meant the sentiment for you, personally.
I apologize for the eyeroll. It was not directed to you at all. I very much appreciated your stepping in to explain what taxes were being discussed.
The eyeroll was meant to emphasize my exasperation with the continued discussion about how much the Panthers organization contributes in taxes to Charlotte. I hope you will accept my apology, as in looking back to that post, I can now see why you would have thought I meant the sentiment for you, personally.
It's another revenue stream to recoup some cash for having a stadium... one of many.
It is just payroll tax. It has nada to do with the stadium any more than your or my or anyone else's payroll taxes have to do with any state's stadium or ball field.
You claimed I said the panthers do not pay property taxes. This was incorrect. I never said it, and the arguments you made based on it were wrong.
So, you wrote in response to Ani that you should have been clearer about property taxes paid by the team and I am wrong? How does that work, what were you trying to clarify? It is ok, we have established that the team pays close to $2m in property taxes annually AND over $11m in payroll/income taxes (including player salaries). So, now that we hav established those facts, we can move on.
It is just payroll tax. It has nada to do with the stadium any more than your or my or anyone else's payroll taxes have to do with any state's stadium or ball field.
A large component of what the state receives from the teams income taxes, a big deal. It a lot of incentive packages, state rebate a portion of he taxes for a period of time, again it is a big deal and very relevant to the analysis of how much to support the team. It is a big deal in that if the team leaves, the state will lose that income and the spin off income from other sources related to he team. To say this is not a big deal is very naive.
So, you wrote in response to Ani that you should have been clearer about property taxes paid by the team and I am wrong? How does that work, what were you trying to clarify? It is ok, we have established that the team pays close to $2m in property taxes annually AND over $11m in payroll/income taxes (including player salaries). So, now that we hav established those facts, we can move on.
No offense, GSP - but your figures are just made up crap.
Just b/c some money gets withheld from a paycheck, that doesn't mean a thing. These athletes file their taxes just like the rest of us. You want me to show you the allowable exemptions they get? Cause I just looked at an excellent article on that from Forbes. For all I know, every penny of money withheld from those paychecks is refunded.
You keep harping on this thing of how valuable the Panther organization is to the city, then you use individual state income taxes withheld from paychecks as a way of bolstering that argument. Those state taxes are not earmarked for stadium upkeep any more than the money withheld out of your check is. This is just a specious justification for the Panthers existence, no matter how it is turned.
At least when FELT and ARI were attempting to build a case for the "value" of the Panthers to the area, they pointed to the trickle down effect that occurs from revenue generated by businesses on game day.
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