Google’s property taxes on its massive $1.8 billion office in Chelsea are about to go up by 17 percent, reports the Wall Street Journal, because the neighborhood’s commercial value has increased as a whole. Ironically, Chelsea’s commercial scene is hoppin’ in large part due to–Google. “Google’s purchase has helped in transforming what had been something of a commercial backwater in Chelsea into a hot zone, boosting the value of the building,” the Journal writes. The value of the building has more than doubled since Google first leased space there in 2006. Google has the right to challenge the assessment. A company spokesman declined to comment to the paper, but we bet someone will be getting a call. “Mike, this is Larry. Wtf.”
$GOOG's presence boosted the neighborhood's value, so property taxes went up.