The city assessor’s office of New Haven conducted an extensive investigation into the amount of taxable property Yale University currently owns in the City of New Haven.
In an email to Tastie Fish Friday evening, the city office revealed that Yale Universityowns just under $3 billion dollars in exempt property.
A massive amount of the property Yale owns in New Haven is untaxable, and combined with the taxable property, the total value of the land Yale owns in the Elm City exceeds $3 billion dollars.
The City Accessors office explained the disparity within the table in great detail to Tastie Fish Friday evening.
“The table gives an accurate portrayal of the amount of taxable and exempt property owned by the University. While the temptation is often to take the “mill rate multiplied by assessment equals taxes” approach and assume Yale University would pay over $115 million in additional taxes if their approximately 2.9 billion dollars in exempt property was taxable, this is not the case; a larger Grand List, all other things including the Levy being equal, would produce a reduced mill rate.
If Yale’s exempt property were added to the current Grand List and nothing else changed, the mill rate could be reduced from 38.68. This, however, is not a realistic assumption as a large decrease in state pilot would also occur as a result, and the voluntary pilot paid by Yale would probably cease to exist should this scenario ever come into existence. This would change the Grand Levy and consequently affect the mill rate, the degree to which is unknown.”
A tax expert, after reviewing the documentation released by the City Assessor office, told Tastie Fish that “Yale owes the city of New Haven no less than $100 million a year based on the taxable property, if the mill rate was dramatically reduced, it still would be a 9 figure sum. The fact of the matter is, Yale is stiffing the city the tune of hundreds of millions of dollars, that table is unbelieveable, especially to the hard working tax paying citizens in this city who are not associated with Yale.
If all Yale Property was taxable, the city would be looking at over $200 million dollars a year, and I think we can agree Christian the city of New Haven needs it”
Connecticut lawmakers have expressed deep concerns to Tastie Fish over the amount of tax exempt property Yale owns, and the $25 billion dollar endowment.
There was also questions about Yale meddling within the legislature, but that has only been confirmed by two sources thus far.
Connecticut is in an economic depression, big corporations, workers, and other forms of commerce are leaving the state, and the dwindling job market is not cultivating a resistance to the migration, nor is it producing tax revenue the state of Connecticut badly needs.
New Haven is millions of dollars in debt, saying that the Elm City could use a cash injection of $200 million dollars per year is an understatement.
A request for comment sent to the Yale University press office was returned Friday evening.