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@David C: How much would you estimate it is worth - in dollars - to use the RFK lot instead of the school property?

Vacant, commercial property in DC costs about $26 million/acre. The using the class 2a commercial tax rate of $1.65/$100 valuation, that comes to $429k/acre/year in taxes. The site has 190 acres, most of which is parking. If this were improved, the tax revenues could increase by 10-100 fold. Keeping this land fallow in control of the NPS is lost opportunity is in the billions.

OK, so you say that this use will not yield taxes. Nevertheless, since the maintenance facility is light industrial use, it should be valued accordingly. (I wonder if the "educational use" angle is actually a dodge of real estate taxes.) So assuming a 1-acre site, you could figure at least $1 million/year in lost opportunity real estate taxes.

by goldfish on Jul 8, 2012 3:16 pm • link • report

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