LYNN – Ward 1 Councilor Wayne Lozzi wants to impose a one-time betterment tax on waterfront landlords whose property is more valuable because the city has removed overhead electrical transmission wires.
According to Lozzi, city taxpayers dug deep into their pockets to pay for the $5.5 million relocation of the metal towers and cables from the harbor to the opposite side of the Lynnway.”Some people see this as a tax. I see it as tax relief,” said Lozzi. “The land down there is a lot more valuable because the people of Lynn paid to make it that way. I think the owners of those properties should pay a betterment tax. After all, they are the biggest beneficiaries.”The properties involved, owned by National Grid and Joseph O’Donnell, will likely see an increase in assessed value and a subsequent tax bill increase in 2011-12.For the complete story, purchase tomorrow’s Item or check back here at www.itemlive.com.
