Letter: What is 'market value' if not the price paid?

  • 📰 dailyherald
  • ⏱ Reading Time:
  • 32 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 59%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

A Chicago letter to the editor: 'Arlington Park track's property tax bill cut by half' shows public officials already straining to deliver public subsidies to the Bears however they can.

"Arlington Park track's property tax bill cut by half" shows public officials already straining to deliver public subsidies to the Bears however they can. To override the Cook County assessor's valuation, the Board of Review and school districts didn't work very hard, but resorted to brute-force doublespeak:"The market value was perhaps overinflated because of the sale.

What is"market value" as a concept, if not the price someone has actually paid for an item? Can we so easily discard the intricate ideology lovingly crafted by Friedrich von Hayek and Milton Friedman to assure us that pricing mechanisms are society's true God? Or did monstrously clever Churchill Downs hoodwink the naive Bears into paying more than twice the market value for the land?

Can the Bears sue to recover that value, and reduce the burden they will impose on Cook County taxpayers? Please, send someone to the University of Chicago's law and econ departments to find out which it is.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 317. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Big events and the future of convention and leisure business for Arlington - KRLD NewsBrent DeRaad, Arlington CVB President & CEO joined KRLD's Afternoon News Team at 'Your Hometown' at Globe Life field. He talked about how Arlington's economy affects convention and leisure business and what's ahead as far as big events for the city. Photo credits: Getty Images
Source: KRLD - 🏆 75. / 68 Read more »