Rockland settles tax dispute with Ocean State Job Lot
Rockland city councilors Monday night unanimously approved a settlement agreement with Ocean State Job Lot to reduce the city’s valuation on the closeout-sale retailer’s Route 1 property.
The Bangor Daily News reported that the agreement settles a two-year legal battle between the city and the Rhode Island-based retailer.
Under the agreement, the city will reduce the assessed value of Ocean State Job Lot’s Rockland property from its current $5.89 million valuation to $4.38 million. The retailer had argued its valuation should be $3.12 million, the price it paid when it bought the property from Wal-Mart in January 2015, the newspaper reported.
The city also agreed to pay back about $100,200 in taxes paid by the retailer.
City Manager Tom Luttrell told city councilors the agreement would spare the city paying “hundreds of thousands of dollars” in legal costs on further litigation that might not end up in the city’s favor, the newspaper reported.
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