SBD/May 21, 2014/Facilities

N.Y. City Council To Consider Ending Madison Square Garden's Property Tax Exemption

Madison Square Garden has not paid property taxes since '82
Madison Square Garden has “remained impervious to reform or repeal, though another effort has been started this month by the City Council" to have the venue pay property taxes and "is gaining support in the State Legislature,” according to Jim Dwyer of the N.Y. TIMES. MSG Co. and the Dolan family have “already beaten every other sports franchise in town,” as the venue has “not paid a dime to New York City in property tax for the land and the building it occupies” since '82. N.Y. Independent Budget Office Deputy Dir George Sweeting said for the tax year that begins in July, MSG will save “roughly" $54M in property taxes. Dwyer notes the savings were $17M last year, while "cumulatively," MSG has saved $350M since ‘82. City Councilman Corey Johnson is the “sponsor of a resolution asking the state to repeal the tax deal.” State Assemblyman David Weprin said that because the resolution “won wide support in the Council, a State Assembly committee will consider a bill next week to end the exemption” (N.Y. TIMES, 5/21).
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