Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

July 25, 2011

City upholds Maine Mall tax bill

By The Mainebiz News Staff

The owner of the Maine Mall in South Portland has again lost an appeal of its property tax assessment.

In December, Chicago-based General Growth Properties appealed the mall's $242 million 2009 assessment, arguing the city overvalued the mall and 11 area properties by $62.9 million and overtaxed it by nearly $925,000. At a hearing Friday, the city's Board of Assessment Review unanimously upheld the assessment, according to the Portland Press Herald. General Growth's 2009 tax bill was $3.5 million. Jon Goldberg, General Growth's attorney, told the paper he did not know if the company would appeal to the state property tax board, but did say the company was preparing to appeal the city's 2010 assessment of $211 million. According to the paper, General Growth believes the city is not taking into account deductions related to the value of complex deals in which the company pays an anchor tenant to locate in the mall and remain open for a certain amount of time.

The company previously appealed its 2006 property taxes, but the state Board of Property Tax Review in 2009 upheld the city's assessment. General Growth Properties emerged from Chapter 11 bankruptcy in November.

Sign up for Enews

Most Recent

Most Recent

Comments

Order a PDF