Will the new $315 million UTC mall reduce property taxes for homeowners living in Sarasota County? If so, by how much?? (Siesta Key: sales)

[JesusLivesWithin]

Just guestimates here:

Assuming that the property taxes of this $315 million mall will be:

approximately $3,500,000 annually

and sales taxes collected would be:

approximately $7,000,000 annually


So with over $10 million collected annually how specifically would this benefit the people of Sarasota and/or Florida?

Are we talking about an average property tax reduction of $100+ dollars for Sarasota County residents?

How will this project affect residents financially if at all?

[d4g4m]

Taxes you pay on your real estate are based on the appraised value as determined by the property appraiser. The only way taxes would be reduced is if the millage rate is reduced by the authority that collects taxes. It's like the County Admin telling us to use less water. We do, but to make up for the lost revenue, the use per 1000 gal fee is increased. So you pay more to use less.
Any new development that produces a big tax bill is just more money for them to spend. You know, like a $12 million walking path or $3.2 million to convert a functioning intersection to a 'roundabout'.

[JesusLivesWithin]

Perhaps if the County has an excess- the millage rate can be reduced.

Besides that what would be the best possible $10 million project for Sarasota?

How much is the revamp of Siesta Key Public Beach facilities/parking?

[photoman_6]

dream on. somewhere in there is probably a tax rebate for the developer that would wipe out most of their tax bill. And I don't see where an increase in tax revenues from one source has to naturally translate to a tax reduction elsewhere. Do we never see the need for increased revenue? get serious

[dmccauley]

Its funny because before I left Sarasota stores were closing down left and right. If they are building a new Mall and can't find companies to fill the spaces who is going to be left holding the bag???

[On-da-Beach]

Originally Posted by JesusLivesWithin

Just guestimates here:

Assuming that the property taxes of this $315 million mall will be:

approximately $3,500,000 annually

and sales taxes collected would be:

approximately $7,000,000 annually


So with over $10 million collected annually how specifically would this benefit the people of Sarasota and/or Florida?

Are we talking about an average property tax reduction of $100+ dollars for Sarasota County residents?

How will this project affect residents financially if at all?

You're kidding, right?
This project would bring construction jobs to the area for about 2 years and raise property values in the immediate area. But if you're suggesting that any additional tax revenue would be used to the benefit of local property owners, that's just fantasy.
I'm still seething about the sales job for the Florida Lottery and how all the money would be put into the education budget. When the money came in, the dirty bastages rerouted the regular funds elsewhere.

[Oobie119]

Originally Posted by dmccauley

Its funny because before I left Sarasota stores were closing down left and right. If they are building a new Mall and can't find companies to fill the spaces who is going to be left holding the bag???

From what I have heard and read, they only have a few spot available for lease as the rest have been taken. Sounds like some pretty. If name places are going in there also. I'd hate to lose faith in anything by Benderson, especially in this area during a time when we need this sort of thing to take off. However, well have to keep our eye on it to be sure!