FROM THE NEWSROOM: A settlement between Tegrant Corporation and the town of Putnam has been approved by the Board of Selectmen, following a dispute regarding the assessed value of the plastic fabrication companys Park Road facility. The stipulation of judgment specifies the true fair market value of the property is $2.8 million, as opposed to the previously assessed $3 million; and the 70% assessed value for taxation purposes is $2 million, as opposed to an assessed value at $2.1 million. Town Assessor Rande Chmura breaks this down: the company sought a value of $24 per square foot, but the town had the property assessed at $36 per square foot – the two parties are meeting in the middle at $35 per square foot. Due to the late filing of the complaint – with a revaluation coming up again next year – the settlement represents only a $2,500 loss in tax revenue for the town, which Chmura says is significantly less than what the town would pay to fight this matter in court. Despite the settlement, Chmura does not believe the property had been improperly assessed, noting the corporation – with multiple facilities throughout the country – utilized a tax representative firm to argue its case, and likely did the same with its other facilities in various municipalities. Tune in for the full report.
Posted on: Wed, 10 Dec 2014 11:49:01 +0000
Trending Topics
Recently Viewed Topics
© 2015