Glenville has settled property tax challenges with the owners of two apartment complexes.
The owners of the Heritage Arms apartments at 2 Tryon Ave. were seeking to lower the $4.87 million assessment on its property. Town officials reached an agreement to lower the assessment to $4.2 million.
“We thought it was a fair settlement,” said Town Supervisor Chris Koetzle. “We think we’re at fair market value.”
Town Attorney Michael Cuevas said one of the arguments for why the assessment should be lowered is that an atrium takes up a large portion of the space and is not usable living space.
Town Assessor Darlene Abbatecola said the town is assessed at 92 percent of value. This new assessment for 2 Tryon Ave. reflects the true market value of about $4.57 million.
About $2,300 in highway and town taxes would be refunded on the property under the agreement.
Also, Westmere Realty LLC was successful in lowering assessments on apartment buildings it owns in Glenville and Scotia. The owner had argued that the assessments were too high and did not reflect true market value.
The assessment at 7 Glen Ave. was reduced from $1.44 million to $1.18 million. The town is going to refund about $3,000 in town taxes and $1,500 in highway taxes. The village will have to refund at about $14,000 in taxes and the Scotia-Glenville District will have to refund $39,000, according to Abbatecola.