In Amherst, according to the Buffalo News, billionaire Stephen Ross, who is even richer than Jacobs with a net worth of $4.4 billion wants public assistance for an apartment building he owns. For thirty years Ross’s property located at 285 Pepper Tree Drive in Amherst has received a break on taxes. Thirty years is a long time, but not long enough for Ross as he wants another thirty year tax break.
Ross is the founder of a company called Related Housing Companies and he ranks #286 on Forbes richest 400 people. Ross owns the Miami Dolphins football team and recently donated $200 million to the University of Michigan.
Related’s web site describes the company as:
“Today, Related owns and operates a premier portfolio of high quality assets valued at over $15 billion. With offices in New York, Chicago, Dallas, Los Angeles, Miami, San Francisco, Abu Dhabi, San Paolo and Shanghai, Related manages an operating portfolio that includes luxury residential, affordable and workforce apartments, commercial, retail and mixed-use developments.”
Without a tax break Billionaire Ross would pay $67,484.50 in town/county taxes in 2013 for his property assessed at $4.7 million and $106,408 for school taxes. Instead Ross pays $23,118.10 in town/county taxes and pays $0 in school tax. Ross is receiving a tax break of $150,774.50 in 2013 and has received a tax break every year for thirty years.
MJ Peterson has also been receiving a thirty year tax break on their apartment complex located at 501-511 Robin and 910-937 Robin, which they also want to extend for another thirty years. Without a tax break MJ Peterson would pay $52,424 in town/county taxes in 2013 for 501-511 Robin assessed at $3.5 million and $66,573.90 in school taxes. Instead MJ Peterson pays $19,105.70 in town/county taxes and $0 in school tax. MJ Peterson is receiving a tax break of $99,892.20 per year and has received a break every year for thirty years.
Without a tax break MJ Peterson would pay $54,207 in town/county taxes in 2013 for 910-937 Robin assessed at $3.6 million and $69,530.40 in school taxes. Instead MJ Peterson pays $19,409.10 in town/county taxes and $0 in school tax. MJ Peterson is receiving a tax break of $104,328.30 per year and has received a break every year for thirty years.
Between the three properties the town/county and school district are losing $354,995 in 2013 alone. For thirty years Ross and MJ Peterson have received tax breaks which have allowed them to pay $0 for school taxes. Meanwhile I and every other property owner pays thousands of dollars in school taxes. Enough already, the Amherst Town Board should deny the request for another thirty year tax abatement to Ross and MJ Peterson.
What do you think?
Jim Tricoli: Amhersttimes.com — I brought up the same problem in Town Hall. It’s clear as glass. This group demonstrates how the rich get richer. They will make $3.4 million in profits over this 30 year period.