[RP TownTalk] m-utc report from this week

[bruce.wernek at mindspring.com]

David

Won't this LVT increase our property taxes as well?  Riverdale Park has one of the highest property tax rates in the state.  I am not in favor of any increases in this rate.

Bruce

-----Original Message-----
>From: David Hiles <hilesd at mindspring.com>
>Sent: Apr 10, 2006 10:54 PM
>To: TownTalk at riverdale-park.org
>Subject: [RP TownTalk]  m-utc report from this week
>
>begin snip
>
>"- lot coverage:  zoning calls for 60 percent of the lot to be covered
>with occupied space.  the bank would cover a minimal amount of the
>lot.  The bank plan was for a 4,000 sf building and 5 drive through
>lanes."
>
>end snip
>
>			Some problems have solutions.
>
>
>
>
>PROBLEM: There is a lot of underused property in our area.
>
>The bank proposal puts a minimum cost structure on the property.  It 
>will be easy to clear when the the time is right to reap speculative 
>gains.  The town center may be being held back for the higher rents 
>that will result when EYA is built out.  Add on the Dumms Corner 
>project and the Villas at Erco Place and you can see a lot of new 
>customers for tenants of local space.  Why fill the space now?
>
>
>
>
>SOLUTION: Tax property in Riverdale Park as if it is fully used.
>
>A parking lot or a five story condo with underground parking would have 
>the same tax valuation, if valuation was based on the highest use of 
>the property.  This approach pressures speculative property holders to 
>sell to people who will fully build out the property. If you don't 
>build out the property, you still pay a fair share of the cost of local 
>government.
>
>This tax strategy is legal for towns and cities in Maryland.  It is 
>called the Land Value Tax (LVT).  Your Riverdale Park Council could 
>change to the LVT as part of the next budget cycle.  Alternatively, it 
>could be phased in over a few years.  Each year's phase could follow a 
>nonbinding plan laid out by this council.  Councilman Kiernan may raise 
>technical reasons for it being impossible to implement or phase in. He 
>is mistaken, yet loud.
>
>You have an LVT expert living in Riverdale Park.  His name is Jack 
>Jones.
>
>
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