Property taxes represent 67% of the Town of Lloyd’s 2019 revenue report. The Town of Lloyd incurs a much higher burden of taxes in 2020 at 3.22% effective tax rate. This was well above neighboring townships such as Woodstock (at 1.92%), Gardiner (at 2.73%) and Esopus (2.68%). Imagine paying 42 cents higher at the gas station than your neighbors! 

The union between Mr. Gerentine and RUPCO offer several tax advantages. The development will generate federal low income housing credits. Mr. Gerentine will offset his federal tax liabilities in other mature properties, as Silver Gardens will benefit from accelerated depreciation on the building development. What is important to Lloyd residents is that the property tax abatement outlined in RP-485-b will also go to Mr. Gerentine, as RUPCO is not subject to Property Tax. This will alleviate 50% of the property tax bill to Mr. Gerentine in the first year. While creating affordable housing is important for our senior community, consideration should take place as to what burden that social support will cost the current taxpayers.

The community which Silver Gardens will be located pays more than its fair share of taxes. Bridgeview residents represent 6% of the population of the Town of Lloyd. However, they contribute almost 21% of the property tax value (approximately $650K out of $3.1M) to the town according to the FY 2019 audited financial statements. These individuals are essentially writing a check each year to Mr. Gerentine to support his business.

The Town Board has not released an assessment of the anticipated revenue from Silver Gardens or any major development. These planning documents would be important to understand what additional emergency services, police, fire, and maintenance work would need to be done to handle the extra capacity. It would also help understand whether the additional revenue would be applied to the high balance of outstanding loans on water and sewer facilities, or to lower the already high tax burden on Town residents. 

All individuals, especially our seniors, deserve affordable housing. It is important that the community understands that the developer is building because it is profitable. It is profitable because they are exploiting policies in a joint venture with a not-for-profit to severely limit their tax burden. That burden will be shifted to the community to pay our roads, our loans, and our public service members. The least the Town can do is tell us what the bill will be and who will be left footing the bill.