Reader Reports Overnight, Has The Valley Hospital Becomes Ridgewood’s Largest Taxpayer?
Overnight, Has The Valley Hospital Becomes Ridgewood’s Largest Taxpayer?
It is being widely reported that The Valley Hospital became Ridgewood’s largest taxpayer overnight as a result of their recent purchase of 1200 East Ridgewood Avenue from the Hartz Mountain Corporation.
The reported purchase price was $25 million; possibly 30% down, the rest to be financed.
The property in question last sold in 2004 for $25 million. It is currently assessed at $23 million.
Property taxes in 2012 were $558,935.94.
The multi-tenant office building, built in 1985, sits on just over 6 acres.
It is believed that The Valley has no plans for the property other than to continue leasing space out to physicians and other medical service providers.
Non-profit?
How will we make up the loss of 558k?
Valley will still have to pay that property tax. But they still do not pay a dime on the hospital site itself.
Now they are real estate renters. That pays taxes because they make $$$$$. The hospital is a sweet “not for profit” deal. They do vary little charitible work but still get to pretend that they somehow do God’s work.
Their landlord work is separate from their hospital work. They are just getting bigger.
They will not have to pay that property tax if they convert the building from a “for lease” property to one that is exclusively used for the purposes of housing Valley offices. Ridgewood’s taxpayers could get screwed big time.
I”m pretty sure that would jepordize their non profit status
How much do they pay on the hospital campus again? ZERO.
A couple of cops in town have started telling stories about how Valley constantly needs police to manage traffic into and out of their campus when huge trucks come to deliver stuff. Think of how much more police manpower they’ll need for their 200 dump trucks a day for 10 years of construction. How much do they pay again on the hospital campus? ZERO.
Please Megan – stop with the lame press efforts to make it appear that Valley is doing anything but skating on a free ride.