Re: “What county property owes most in late taxes? You’ve likely been there,” (TNT, 5/6).
Thanks to the News Tribune, it is now clear that developers, with the assistance of a gullible city government, are having a very profitable time at the expense of taxpayers.
The Point Ruston development has been subsidized by the city with bonds and tax abatements.
But this is not the only project to receive a real estate tax abatement based on developers’ claims that they cannot make a profit on a project in Tacoma unless the city forgives taxes on the building for eight to 10 years.
Has the city ever asked just how much profit these developers are making? Has the city published how much money the residents of Tacoma are giving up every year?
There is a need for additional housing, but as real estate and sales tax rates continue to rise to provide for city services, it is ludicrous to continue subsidizing developments that are paying a 30-40 percent return.
This incentive may have made economic sense a decade ago, but it is no longer necessary for the city to subsidize what developers are rushing to do.