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Nucor Steel challenges property assessment in court

Auburn’s Nucor Steel is contesting its city property assessments in the New York State Supreme Court, asserting that the valuations should be $12.7 million less, a move that could potentially reduce the firm’s local tax bill by millions.

In the company’s petition, which was reported first by The Citizen it claims that the combined assessment of its properties located at four different addresses in Auburn should be $2,649,600 – a considerable 83% decrease from the city’s final 2023 assessment of $15,363,800.

Nucor’s principal property saw its assessment fall from $30 million to $15.2 million in 2021. If Nucor’s appeal for a reduced assessment succeeds, the company’s tax obligations to the city, county, and school district will likely decrease, though the exact figures will depend on the details of Nucor’s ongoing payment-in-lieu-of-taxes agreement with the Auburn Industrial Development Authority.