From the Clark County News and Tribune:
City officials believe it’s worth enough to New Albany financially to spend $75,000 to potentially keep two large corporations from winning an appeal of their assessed property tax values.
The New Albany Redevelopment Commission on Tuesday approved two contracts worth up to $75,000 combined for a Real Estate firm to represent them against The Home Depot and Meijer.
According to David Duggins, director of redevelopment and economic development for the city, the two corporations have asked for a reassessment of their property tax rates.
The amounts are substantial, according to Duggins. The Home Depot, which is located at 2239 State St., is further along in its appeal than Meijer, according to Duggins.
He said The Home Depot is requesting that its assessed property value be reduced to $3 million, which is half the amount it was originally rated at.
“These are moneys that are substantial, and they’re long-term,” Duggins said.
The two corporations are important pieces of the city’s tax-increment financing system.
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See the full article here:
http://www.newsandtribune.com/business/x1199559627/New-Albany-battles-big-box-retailers-over-taxes
