According to the local newspaper today, another business is seeking a tax abatement of 75% for 10 years.
What do Forum members think about these property tax abatements?
They are absolutely necessary. A study in Cleveland examined their property tax abatements and its effect on city income. It found that the resulting increase in revenue from income taxes collected on businesses that located to cleveland due to the property tax abatements more than compensated for the decrease in property tax revenue, actually increasing overall city intakes.
BUT, this led to a sharp drop in funding for the city schools, as the city did not account for the changes in income source.
Give businesses all the property tax abatements they want in Youngstown, just be sure to increase the city budget for its public schools.