Long-term ownership of commercial property, even if it is well-maintained, is now being looked upon as being a detriment to the city’s fiscal interest. Because, the longer a property is owned, the more out-of-balance its lower assessed valuation becomes when compared to its higher market-driven value.
The Shorter the Better
It seems the city has come to the conclusion that long-term property ownership is no longer in its best interest, but a timely change in land ownership is.
Whether it be by the natural market or forced by the city, constant change in land ownership is needed in order to keep the city’s property tax base more fluent and in line with rising market values.
Freedom to Brand
The city can target properties for economic development by calling them “economically blighted,” claiming that they are “suffering from economic blight.”
This means the properties are not paying their way in taxes. Even though the property owner has been paying exactly what the County Tax Collector has demanded each and every year.
Why the Suffering?
Just because local city residents still demand city services and local voters continue to reject tax rate increases to help pay for those services, I have a question.
Why should the local commercial property and business owners, have to suffer the brunt of eminent domain by having the city seize land without consent and have businesses forcibly relocated in order to help subsidize the continuation of city services to residents?
Edge to the City
The city has an advantage over all local commercial property and business owners in its use of eminent domain.
Because blight, like beauty, is in the eye of the beholder, and the city has the power to “behold” blight whenever and wherever it wants to see it.
