superblock/avalon Real Estate Tax comparison. Plus I’m confused with the ‘PILOT schedule’

Using the document which I posted the other day [Long-Beach-Wayfarer-LLC-Shore-Road-2015.pdf], I’m attempting to make a RE TAX comparison between the supeblock and Avalon Towers. Also, the bottom of this post has the PILOT Schedule. Shouldn’t PILOT and No PILOT be switched? Can anybody make heads or tails with it?

[Please note: I cannot guarantee the accuracy of these numbers!]

Shore Rd LB Superblock  [Section: 59, Block: 116, Lot: 38]:

City of Long Beach 2014/15  =  $95,921.39 
School 2014/15 = $778,426.46
Nassau County General 2015 =   $129,447.48 ($64,723.74 x 1st/2nd half )

***Nassau County Assessed value of superblock = $21,212,900.

TOTAL = $1,003,795.33

Avalon Towers [Section: 59, Block 089, Lots 8-12]:

City of Long Beach  2014/15= $186,135.00
School 2014/15 = $691,662.00
Nassau County General 2015 = $133,089.00
Sanitation $535 per 109 apartments/year = $58,315.00

***Nassau County Assessed value of Avalon: $19,956,800.
***Long Beach assessed value of Avalon: $22,352,440.

TOTAL =   $1,069,201.00

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14 Replies to “superblock/avalon Real Estate Tax comparison. Plus I’m confused with the ‘PILOT schedule’”

  1. Democratic candidate for Nassau County Legislator in Long Beach, Keith Lebowitz said the following on May 18, 2015 on the LB Republicans Facebook Page:

    “Any tax break for this or any developer, is a burden on every home owner in Long Beach. Any finance deal that includes any such stipulation should be brought to a public referendum. Anything else is monkey business !”

    Why have we not seen Denise Ford make a statement like this?

  2. No offense, but I am getting tired with people using my blog has a soap box to further their political agenda. Please stay relevant to the topic, or take your baggage elsewhere.

  3. Speaking of pilots PSEGLI has a pilot on their bill. When I spoke to them I was told to.look at the explanation below and it also states that 15% of our electric bill is for property tax.
    Maybe you can find out if I can take that 15% of my total electric bill off on my taxes?

  4. Stop embarrassing Lebowitz and let the dude run on his own merits, not a Ford smear campaign because anyone with half a brain cell knows that is not going to work.

  5. I think they are saying that “no PILOT” column means if they do not get a PILOT and the land just sits there, this is what the city will get in taxes. It is not a good argument, because something else will and could be built there…
    I try hard to stay on topic…..

  6. haha well staying on topic, meaning not putting words into politicians mouths. I don’t care if you bash or praise the project.

    I thought the same RE: NO PILOT, but it just seems like a weird thing to forecast.

  7. It is a threat…… We do not get this PILOT nothing is being built!! The column I want to see is that one that shows the payout to The City of Long Beach at FULL taxes. It would probably start out at or close to the tax $ amount of PILOT year 25 of $5,338,765 in year one! and escalate from there….

  8. Beginning at page 105 of the pilot application (pdf pages) there is an economic impact analysis that was submitted in January 2014 with the ZBA variance request. It says at page 4 (pdf 108) and 22 (pdf 126) that the project will result in $5.6 million in real property taxes. $1.4 million to the City and $4.2 million to the school district.

  9. @LTC.. You may be right. By rounding out the number of apartments in Avalon on Edwards to 100 and the Superblock to 500, 5 million dollars sounds like it’s in the ballpark. At present, Avalon pays approximately 1 million dollars in taxes. 5 to 1.
    And, as the rents go up, so do the taxes.

    According to pages 142,143 and 144 of the application with the IDA, the current Superblock taxes for City, County and School are $1,103,795.33. That’s the land without the buildings.
    Does anyone know what the “Pilot vs No Pilot” (page 174) at the top of this article represents?

  10. Richard, see my entry below. $5.6 million IS what Istar said RE taxes would be annually from the project. Pretty sure pilot means we build and pay taxes with benefit of pilot. No pilot means we have not built and you get vacant land taxes.

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