Summit Greenfield seeks 56.53% reduction in assessment; local taxes in arrears

New Castle’s Board of Assessment Review
June 20, 2008
by Ann Marie Fallon

Grievance Day has come and gone. There was one noteworthy applicant seeking relief from its current assessment. Summit Greenfield, the owner and developer of the Reader’s Digest property, has filed a petition with the New Castle Board of Assessment Review seeking a decrease in the tax assessment of their property. 

The property in question is designated as commercial property and consists of 113 acres. The current assessment of that property is $11,132,800, which represents a full market value of $62,194,413. Summit Greenfield’s application, which was filed on June 17, 2008, estimates the value of their property at $30,000,000, and seeks a reduction in their assessment to $4,839,000, a 56.53 % reduction. 

This would be the second reduction in the last five years. Summit Greenfield was awarded a 39.82 % reduction in their assessment by the Town of New Castle, which took effect with the 2004 assessment roll. 

Summit Greenfield in arrears on county and town taxes

A review this past Thursday of the records of the Receiver of Taxes for the town revealed that Summit Greenfield’s tax bill of $376,223.96 for county and town taxes, which were due on April 30, is still outstanding. Summit Greenfield’s current outstanding balance is now $395,035.16, which reflects $18,000 in penalties.

With Grievance Day over, the Board of Assessment Review has before it under review 121 residential and 19 business petitions. At Tuesday’s hearing, 29 parties appeared before the board.  Petitioners can expect to learn the outcome of their application by September 15, when the final assessment roll for the 2009 town and county tax is filed. Any reductions will go into effect for that tax year and for the 2009-2010 school year taxes.

Assessor John McGrory