With an agreement that it would pay just one-fifth of its property taxes for the first 10 years, Pfizer spent $294 million on a 750,000-square-foot complex that opened in 2001.... The complex is currently assessed at $220 million, said Robert M. Pero, a city councilman who is scheduled to become mayor next month. The company pays tax on 20 percent of that value and the state pays an additional 40 percent, Mr. Pero said. That arrangement is scheduled to end in 2011, around the time Pfizer, which is currently the city’s biggest taxpayer, expects to complete its withdrawal.
"Allowing the government to take property solely for public purposes is bad enough, but extending the concept of public purpose to encompass any economically beneficial goal guarantees that these losses will fall disproportionately on poor communities. Those communities are not only systematically less likely to put their lands to the highest and best social use, but are also the least politically powerful." - Justice Thomas
only the SCOTUS KELO-supporting Justices made this a national misstep, instead of a state or local community one.
It's truly sad because the lesson of Kelo is that if you are poor or working class and happen to live on valuable property, you'd better be on your toes because the government may take it from you as soon as a developer shows up with promises of glittering new businesses.
I wonder how many people reading this thread realize that the Kelo decision was made by the "liberal" justices Kennedy, Souter, Ginsburg, and Breyer. The conservative justices of O'Connor, Scalia, Thomas, and Rehnquist, routinely vilified here, strongly dissented.
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