General News: Town Lowers Assessment for A&W Properties
February 22, 2011
By Ross Miller
On Monday, February 14, town board members unanimously agreed to reduce the last three years’ assessment of A&W Properties in Mountainville by as much as 28 percent.
In 2008, the property was assessed at just over three million dollars. A&W Properties requested a review for 2008, 2009 and 2010 and, in meetings with town assessor Ron Fiorentino and Ira S. Levy, the attorney representing the town, agreement was reached to lower the assessment, although by a different amount for each year.
Terms of the Reduced Assessment Settlement
The negotiated settlement resulted in the following substantial reductions in assessed value of the property at 19 Industry Drive, Mountainville:
2008: assessed value reduced from $3,070,000 to $2,213,100, or by $856,900
2009: assessed value reduced from $3,070,000 to $2,257,459, or by $812,541
2010: assessed value reduced from $3,070,000 to $2,302,500, or by $767,500
According to tax rates provided by the Town’s Receiver of Taxes, Elizabeth Longinott, the estimated reduction in tax revenue represented by these reduced assessments ranges from $88,838 to $97,917 each year.
Negotiated Settlement Better Than Court Battle
Mr. Fiorentino remarked that this settlement was “in the best interests of the Town and of A&W Properties.” He acknowledged that as property values shift, both owners of commercial and residential properties often seek a review of assessed values. He explained that the process for handling grievances worked appropriately in this case.
“I don’t ever want to give anything away, but if a taxpayer can show me I’m wrong, I act responsibly by reviewing an assessment.” Representatives from A&W Properties could not be reached for comment.
Comments:
No comments have been posted.
Add a Comment:
Please signup or login to add a comment.
|
 |
|
