SARATOGA SPRINGS — There’s another mansion in town.

And its owner, David Silipigno, thinks the $7.6 million tax assessment on the 20,841-square-foot structure is too high.

Silipigno appealed the city’s assessment of his property this summer and, after the board of assessment appeals upheld the figure, is taking the city to court.

The philanthropist and former owner of National Finance Corp. last month filed an Article 7 petition in state Supreme Court in Ballston Spa to have the assessment lowered to $2.1 million.

“We respectfully disagree with the assessor’s valuation of the property,” said Silipigno’s attorney, Terrance Christenson.

The city stands by its assessment, which pegs the home’s full market value at $9.7 million. “It’s such a unique property in mass and scale,” said John Franck, commissioner of accounts.

The expansive home that was finished last year has five bedrooms and 9ÿ1D2 bathrooms, according to the city’s assessment database.

Silipigno could not be reached for comment.

Silipigno’s city taxes next year will be about $40,000 if the assessed amount stands, and school taxes are far more than that. Franck estimated that Silipigno would pay about $200,000 a year between school district, city and county taxes.

The 38-year-old’s home may be the second largest in the city.

Ayco Insurance chairman John Breyo owns the city’s largest home, a 60,000-square-foot mansion at 51 Winding Brook Drive. That house is assessed at just under $20 million, although Breyo is appealing that assessment as well.

Currently, he’s appealing to the state Supreme Court’s Appellate Division a Supreme Court decision that he has to hand over to the city documents telling how much he paid to have the house built, said Jeffrey Wait, an attorney who represents the city in tax appeal matters.

Wait said the city plans to ask Silipigno for the same documents, and a court decision in the Breyo case likely will determine whether the city gets the documents from Silipigno as well. Wait doesn’t expect a decision in the Breyo case before January.

In the meantime, the city and Silipigno are expected to hire appraisers to look at the property.

Silipigno currently owns five businesses — First Guarantee Mortgage, Principal Commercial, Industry Partners Title, Saratoga Venture Capital and Saratoga Studios.

He used to own the now-defunct mortgage lending company National Finance Corp., and was sentenced to three years’ supervised release and fined $100,000 in 2003 after he was convicted of wire fraud and making a false statement under oath in a bankruptcy proceeding.

The company Silipigno founded at age 19 fraudulently kept $5.6 million from investment bank Bear Stearns & Co. The company folded and 300 employees were laid off in 1999.

U.S. District Court records for the Northern District of New York show that he paid the fine in January 2004 and was discharged from supervised release in January 2006.

Silipigno also has been active in the philanthropic foundation that bears his name. According to the foundation’s Web site, it assists at-risk youth.

Most Article 7 assessment appeals are filed by commercial property owners, not residential ones, Franck noted.

But in the case of the mansions, the owners are just using the appeal process that is available to every taxpayer, Christenson pointed out.

Wait toured the Breyo mansion with the appraiser. “His bedroom is three times plus the square footage of my entire house. It’s got a bathroom the size of my first floor.”

The Riggi mansion at 637 North Broadway is probably the third largest single-family home in the city and is assessed for $4.8 million, Franck said. At 19,341 square feet, it has 6 bedrooms and 10 bathrooms. It was completed in 2003.