Isn't the Hanover a non-profit organization? The other is a for-profit.
I've seen in the past that the assessors rarely ever updated values for non-profits.
The Hanover Theater is for profit, not exempt. However, it has a tax increment financing deal with the city. The $534,600 assessed valuation represents the "base valuation" of the building before improvements were made. All of the improvements, totaling in the millions, are 100% exempt from taxation for a period of seven years.
The TIF was awarded in Dec. 2007 and is valid through 2014. For the TIF they promised to create 10 jobs. The difference between the base number and the TIF number is about $29.5 million. So I think the TIF saves them about $1 million a year. Over 7 years that's about $7 million. So each job cost taxpayers $700,000 in taxes.
And the jobs created put about $200k into the local economy. Maybe.
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