FIVE Million Dollar Tax Reduction for National Development

At Town Meeting the Town Administrator confirmed that the Town spent 36,000 dollars to defend itself against 4 cases at the state Appellate Tax Board. The resultant settlement lowered National Development assessment of Market Street by FIVE million dollars and the town had to refund 102,000 dollars rather than continue spending money on legal fees. This is important for the following reasons:

  1. The reduction in the assessment saves National approximately 85,000 per year. In two years they will have saved approximately 272,000. Almost the same amount they proposed “donating” for the fields. In summary the donation would not cost National Development anything.
  2. The FIVE million dollars reduction will be made by spreading the cost over all the property taxpayers in town.

This case was settled in Oct 2018, but has never been publicized.

So much for transparency

 

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