Maine Mall owner appeals property taxes
The owner of the Maine Mall is again appealing the retail center's 2009 property tax assessment, one year after the state denied a similar move.
Chicago-based General Growth Properties said the city of South Portland overvalued the mall and 11 area properties by $62.9 million in 2009, overtaxing the company by nearly $925,000, an amount General Growth is seeking refunded, according to The Forecaster. General Growth attorney Jonathan Goldberg told the paper that economic conditions increased vacancy at the mall, which also affects the property's value. But City Assessor Elizabeth Sawyer argued that the $252.9 million assessment is "fair and reasonable."
General Growth appealed the city's 2006 assessment of the Maine Mall, seeking $1.4 million in refunded taxes, but the state Board of Property Tax Review last December voted unanimously in favor of the city.
General Growth Properties recently emerged from Chapter 11 bankruptcy, restructuring $15 billion in debt, recapitalizing with $6.8 billion in new equity and creating a spin-off company to handle riskier investments.
Go to the article from The Forecaster >>
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