SPRINGFIELD, Mass. (WWLP) - Potentially more money in your wallet; however, at what cost? Springfield is hoping a law will be passed to make casino land exempt from the state's Proposition 2.5 law.
Springfield is hoping to be awarded a casino license. From there it is hoping to collect around $20 million a year in property taxes from the casino, but because of Proposition 2.5, that may not be possible.
Mayor Domenic Sarno met with state lawmakers Tuesday asking them to pass a law that would make casino land exempt from the state's Proposition 2.5 law. If this piece of legislation isn't passed, the city may miss out on about $40 million in new growth for two years.
On the other hand, home and business owners may see their own property taxes go down without the city adding any new revenue.
T.J. Plante is Springfield's Acting Chief Financial Officer. "The whole purpose when they passed resort casinos was to allow communities to generate additional revenue, rebuild and flourish;
if we can't capture 20 million that becomes problematic for us."
Plante told 22News an override is not an option, since the city is at their ceiling and there is nothing it can do to generate additional tax levy.