Bangor denies mall’s request for reduced valuation
Bangor’s city assessor on Wednesday denied a request by the owner of the Bangor Mall for an almost 50% reduction in the mall’s valuation for last fiscal year.
Simon Property Group of Indianapolis had asked the Bangor Assessor's Office to lower the appraised value of the Bangor Mall from $60.9 million to $32 million, which would halve the $1.4 million in property taxes that it must pay for the fiscal year from July 11, 2017, through June 30, 2018.
Bangor Daily News reported that City Assessor Phil Drew cited two reasons in his April 25 letter denying the request: 1) Simon Property Group’s failure to provide copies of appraisal reports that Drew had requested; 2) Although the company’s income for the year ending Dec. 31, 2016 was down from prior years, it still was high enough to justify paying last year’s assessed value, Drew wrote. He also stated that Simon Property Group failed to demonstrate that the 10 properties are overvalued compared to similar properties in the Bangor Mall area or across the city.
Drew told BDN that Simon Property Group had 60 days to appeal the decision to the city’s Board of Assessment Review.
In his letter, Drew acknowledged Simon Property Group’s concerns “about Macy’s being closed and the closing of the Sears anchor store this spring,” concluding: “Obviously, if your total income for 2017 should show a further, material decrease, or other like properties have had their assessments decreased, then your properties might well be entitled to reduced assessments for the April 1, 2018, assessment date.”
Read more
Default looms for owner of Bangor Mall
Bangor Mall owner might not sell
Bangor Mall value plummets in appraisal conducted by lender
Closure of Sears anchor store adds to Bangor Mall’s troubles
Most Recent
Most Recent
Comments