http://am1050.com/2011/itamco-seeking-tax-abatement-equipment-argos/ Thu, 23 May 2013 22:42:15 +0000 hourly 1 http://wordpress.org/?v=3.3 http://am1050.com/2011/itamco-seeking-tax-abatement-equipment-argos/comment-page-1/#comment-208 tjefferson Mon, 28 Feb 2011 18:24:32 +0000 http://am1050.com/?p=10176#comment-208 As I understand it, companies seeking abatements have to make a statement of benefits (i.e. jobs) to the town. From the state's abatement website: "Tax abatement is one of the most commonly used local financial incentives in Indiana. By 2003, tax abatements had been granted in 85 of Indiana’s 92 counties and used by 563 civil cities and towns within these 85 counties." (source http://www.in.gov/indot/div/projects/i69planningtoolbox/_pdf/Tax%20Abatement.pdf). If I read this site correctly, municipalities are not actually giving tax money to a company, they are only abating (making less) the amount of property taxes a company pays over a period of time. Bascially, property taxes are phased in over a 1-10 year period instead of being levied at 100% from the beginning. As I understand it, companies seeking abatements have to make a statement of benefits (i.e. jobs) to the town. From the state’s abatement website: “Tax abatement is one of the most commonly used local financial incentives in Indiana. By 2003, tax abatements had been granted in 85 of Indiana’s 92 counties and used by 563 civil cities and towns within these 85 counties.” (source http://www.in.gov/indot/div/projects/i69planningtoolbox/_pdf/Tax%20Abatement.pdf). If I read this site correctly, municipalities are not actually giving tax money to a company, they are only abating (making less) the amount of property taxes a company pays over a period of time. Bascially, property taxes are phased in over a 1-10 year period instead of being levied at 100% from the beginning.

]]> http://am1050.com/2011/itamco-seeking-tax-abatement-equipment-argos/comment-page-1/#comment-204 CommonCents Fri, 25 Feb 2011 23:23:06 +0000 http://am1050.com/?p=10176#comment-204 I would hope that if Argos grants them an abatement that the company would guarantee the creation of new jobs. Simply purchasing new equipment should not be a reason to cause other taxpayer's taxes to increase. I do not work at ITAMCO, so why should my taxes be used to purchase their new equipment? If every company that purchased new equipment asked for an abatement and was granted one this would result in all of our taxes property taxes increasing. I bought a new lawn mower last year, can I get an abatement too? What guidelines does the town use to grant or reject a tax abatement anyway? The people have the right to know. I would hope that if Argos grants them an abatement that the company would guarantee the creation of new jobs. Simply purchasing new equipment should not be a reason to cause other taxpayer’s taxes to increase. I do not work at ITAMCO, so why should my taxes be used to purchase their new equipment? If every company that purchased new equipment asked for an abatement and was granted one this would result in all of our taxes property taxes increasing. I bought a new lawn mower last year, can I get an abatement too? What guidelines does the town use to grant or reject a tax abatement anyway? The people have the right to know.

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