City jackhammers its downtown with special tax

By Kenric Ward  /   September 1, 2016  /   News  /   2 Comments

While Austin and Houston enjoy downtown building booms, San Antonio is taking a different path: hammering its aging central district with a special tax.  The “supplemental special assessment” is expected to raise $4,166,000 next year, according to the city’s Downtown Operations department. Assessed on top of regular property taxes, the levy is intended to “fund services and improvements,” including administrative overhead, in a so-called Public Improvement District (PID).  Even without the special assessment, the downtown area bore San Antonio’s biggest increase in overall property taxes last year — a bump averaging more than $91,000 per parcel......To Read More....\

My Take - San Antonio has a "hollow core" downtown.  Raising taxes for "redevelopment" will expand that hollowness.  If downtown was profitable those businesses wouldn't have left.  If taxes are raised profitability decreases.  Empty stores will increase as their profit margin deminishes. Say goodnight San Antonio.