Cuts mean million less per year for the government
A reduction in tax assessment for two casino properties in Niagara Falls, Canada is under scrutiny by city officials who fear a “tsunami in assessment appeals,” Niagara Falls Mayor Jim Diodati said.
Diodati and Regional Chairman Gary Burroughs have called on the province to determine a fair and appropriate value for Niagara’s casino properties, reported Niagara This Week.
“There have been appeals on previous assessments from Day One on this casino,” Burroughs said of the Fallsview property. “They’re saying this property is not the billion dollar property we welcomed to Niagara in the early days. It’s now down at $278 million in assessment.”
Fallsview opened in 2004, with an initial property assessment value of $564 million. That dropped to $278 million in 2013, resulting in a $5.9 million cut in annual tax revenues for the city of Niagara Falls and the region. Combined with Casino Niagara, the reassessments result in an $8 million drop in annual tax revenues.
“If you look at this casino, it doesn’t look like it’s boarded up,” Diodati said. “It doesn’t look like it’s in need of some serious makeovers.” He warned that other property owners in the area may want similar reductions.
“And you know what that means? The pensioners, the retirees, the single moms and dads, they’re being asked to pick up the shortfall in the taxes and we don’t think that’s fair.”
