Irvinecommuter said:bones said:zubs said:Let's assume SVUSD causes property values to drop $50,000/home vs. IUSD.
So Lennar is building 10,000 more homes in the Great Park.
10,000 X $50,000 = $500,000,000 (seems inflated, but we'll go with it)
$500,000,000 X 0.01 property tax = $5,000,000/year
Is Irvine going to give up $5 million per year in property taxes?
Depends on who u ask. If you are a biased SG owner then u say. What's $5m to irvine/Donald Bren? He poops that out after breakfast each day.
If it was up to TIC, $5M a year would be off balanced by the increase in property values in places like OH, SG, CV, WB, and PS.
FYI, I believe property taxes are pooled to the State level and redistributed (correct me if I am wrong). OC has one of the lowest yield/return from redistribution in California. It's WAY LESS then $5 million. Not even close to half so Irvine isn't losing that much for not having to deal with the big headache.