January 12, 2005
One Giant leap for stadium tax assessment
More news on the thrill-a-minute SBC Park property-tax reassessment story: San Francisco Assessor Mabel Teng says while she'll give the Giants a fair hearing on their case, she's puzzled by how a stadium that was built four years ago for $324 million could now be worth less than $220 million, as the team claims. One explanation, according to the San Francisco Chronicle:
The team is apparently contending that the ballpark's value -- while originally based on the actual cost of building it -- should instead be based on annual stadium revenue from tickets, hot dogs and the like.
The obvious question then is: If the Giants' new ballpark is only worth $220 million in new revenue, why the heck did they spend $324 million (90% of it private money) to build it?
Posted by Neil deMause
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