A state tax break for Madison Square Garden is commonly described as worth $42 million per year – but the actual cost is much higher, according to the city’s Independent Budget Office.
is commonly described as worth $42 million per year – but the actual cost is much higher, according to the city’s Independent Budget Office. states the $42 million figure stems from a “conservative” undervaluation of the World’s Most Famous Arena — and bureaucrats do not currently need to figure out its true worth, since venue owner Madison Square Garden Entertainment pays zero taxes in pricy Midtown.
The assessment will likely provide more fuel for Albany Democrats looking to scrap the giveaway, first approved in 1982, in the state budget due April 1. All three outer-borough venues also sit on tax-exempt public land, but they are on the hook for so-called “Payments in Lieu of Taxes” – totaling $84 million, $44 million, and $39 million this year, respectively – to service debts on tax-exempt bonds used to finance their constructions.
A MSG Entertainment spokesperson told The Post Wednesday that the analysis “clearly illustrates what we’ve said all along – all of New York City’s major sports venues benefit from public subsidies, and as the analysis clearly indicates, MSG’s is one of the smallest.”
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