Shaffer questions Carmel’s collection of property taxes from apartment buildings

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Dear Editor:

The overall apartment occupancy rate in Carmel generally hovers between 90 and 94 percent, according to Google. That’s before all the new apparent construction kicks in.

How much lower the rates will go is controlled now by the Carmel Redevelopment Commission (CRC). And, of course, there’s the long lead-time before the city, the schools, the township, or the library get a nickel of property tax from the projects.

It takes years and years from the start of construction to completion. Then another year in which the county assessor sets a net assessed valuation on each property.

The next year property taxes start to flow – to the CRC for upwards of 25 more years as the original debt plus interest are paid off.

Meanwhile, apartment dwellers have been using schools, library, and township and city services at the cost of the existing taxpayers.

All of the above applies to the 1,000 apartments being added every year.

A quarter of a century from the first repayment to the last and then property tax revenues begin trickling in.

What kind of inheritance is that?

Bill Shaffer
Carmel