Following a property revaluation initiated in 2022 and effective since July 1, major establishments including Walmart, Walgreens, and Indus Hamilton Street Inc., an operator of local hotels, are contesting their property assessments in the state Supreme Court.
The Finger Lakes Times reported it on Thursday, noting the revaluation sparked discontent among several town residents, but these significant businesses have gone a step further, legally challenging the increased assessments.
Walmart, now assessed at $11.5 million, a 39% increase from its previous $8.3 million valuation, claims its Geneva location is worth $9 million. Indus disputes its new $11.5 million assessment, suggesting its combined properties should be valued at $7 million. Meanwhile, Walgreens, facing a 40% surge in its assessment to $5.9 million, asserts the pharmacy’s value stands at about $1.8 million.
If successful in court, these reductions would have an impact on town, county, and school tax revenue.
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