SAN FRANCISCO (Diya TV) — The San Francisco Giants are asking the city for property tax refunds in the millions of dollars, claiming the value of AT&T Park, the team’s crown jewel stadium, has dropped well below the $200 million it cost to construct 16 years ago.
In the team’s appeal that was filed with the city, the Giants have asked their property-tax bill for the years of 2011 and 2014 be cut in half. The refund would equal roughly $8 million.
“All taxpayers have the right to have their property taxes set accurately and fairly and free from political influence,” Giants senior vice president and general counsel, Jack Bair, said in a statement.
San Francisco Assessor-Recorder Carmen Chu raised the Giants’ property taxes for 2011 “an astonishing 97 percent,” Bair said, and followed that up with regular hikes in the years since, he added.
“We do not believe that this increase is justified, and have exercised our right to have the assessment reviewed by a neutral panel of experts as provided by law,” Bair said
The Giants will appeal their case to San Francisco Assessment Appeals Board. Chu set the value of AT&T Park in 2014 at over $400 million, the Giants believe the stadium to be worth just under $160 million.
“We believe our assessed value enrolled was the right value, and we are going to try to uphold that,” Chu said. “At the end of the day, we care about fairness for taxpayers no matter how large or small.”
In addition to their property taxes, the Giants also pay San Francisco more than $10 million yearly in payroll, parking and other lease payments.
This isn’t the first time the Giants have waged a tax war with San Francisco — a decade ago, the Orange and Black sought millions of dollars in refunds for a period extending from 2001 through 2003. That time, Bair said the value of the stadium was more like “a car than a house.”
In addition, the team argues that unlike a resident who owns a home for a lifetime, their lease for the ballpark expires after 66 years, decreasing the value of the venue with each passing year.
