Two years after getting its tax assessment lowered, the owners of the Wilton Mall are again seeking a reduction in the assessed value.
The Macerich Co., which owns the mall at 3065 Route 50 and is based in Santa Monica, Calif., has filed paperwork in state Supreme Court in Saratoga County asking the Wilton Board of Assessment Review to lower the mall’s assessment from $77 million to $63.6 million.
Macerich filed its challenge July 19, and last week the Saratoga Springs City School District filed an answer denying the allegations that the 94-acre property is overassessed.
In 2010, Macerich reached a settlement deal with the school district — the area’s main taxing authority, since the town of Wilton has no town general fund or highway tax — that its assessment would be lowered from $84.6 million to $77 million for the 2007-08 and 2008-09 school years.
At that time, the district had to refund more than $90,000 to the mall’s owners for those two years, and it agreed that the assessment would remain at $77 million through the 2012-13 school year.
other challenges
The assessment on many properties in Wilton increased in 2008 during a townwide revaluation. The mall’s assessment jumped more than 44 percent, from $58.6 million to $84.6 million.
On Thursday afternoon, neither school district officials nor the mall’s manager could be reached for comment.
Several other high-profile properties in Saratoga County have filed tax assessment challenges in the past several weeks:
u United Step I, the owner of one of the office buildings in the Saratoga Technology and Energy Park in Malta, seeks to have its assessment reduced from $11.2 million to $3 million.
The building at 107 Hermes Road has office space for lease to tenants, and GlobalFoundries leases office space there.
u The owner of two Saratoga Springs hotels wants their taxable value to be cut in half.
Spa Hotel LLC, which owns the Residence Inn by Marriott and Courtyard by Marriott on Excelsior Avenue, would like the properties’ assessment reduced from $21.3 million to $10.1 million.
u Momentive Performance Materials in Waterford wants its assessment lowered, too.
The town of Waterford places the full market value of the company’s multiple buildings at $160.5 million, but the company believes they’re worth $36.5 million.
These tax challenges can take a few years to resolve in court. Municipalities and school districts typically hold money in reserve in case they have to pay refunds down the road to large taxpayers.
Categories: Business
