NYC Council Members Demand End To MSG Tax Exemption
New York City council members Margaret Chin and Brad Lander are demanding that Madison Square Garden pay its property taxes. The arena has been tax exempt since 1982 when a ten-year relief plan was enacted to keep the Knicks and Rangers in the city..
Councilman Lander says the city now needs the money to fund social services such as childcare, fire departments, and public housing.
Lander says: "It makes no sense, at this time of real budget constraint, for us to continue to give [Madison Square Garden] fifteen plus, this year, seventeen million dollars a year in tax relief."
An amendment that would end the tax exemption has been proposed to the state legislature.