Rotterdam mall gets assessment reduction but no tax refund Thursday, May 15, 2008 By Justin Mason (Contact) Gazette Reporter
ROTTERDAM — The owners of the Rotterdam Square Mall won a $7.5 million reduction in their property assessment but won't get a refund of taxes already paid. Town and Schalmont Central School District officials approved a settlement with Macerich Co., the mall's California-based owner, setting the value of the West Campbell Road property at $30 million between 2008 and 2010. The settlement will cover six years of tax litigation filed by the company and Wilmorite, the mall's previous owner. The terms of the agreement stipulate a reduction in the 2006 assessment that would give Macerich a $291,364 refund. That refund is balanced out by the company agreeing to end its dispute of the property's $37.5 million assessment in 2007. The property can be reassessed starting in 2010, according to the settlement, which covers tax grievences from 2001-07. However, the assessment can be adjusted if the company builds or demolishes anything on the property. "It was a fair negotiation," said town Supervisor Steve Tommasone after the Town Board accepted the settlement Wednesday. "The town worked very hard to not have any negative impact." Likewise, school officials were content with the settlement. School board Chairman Michael Della Villa said the settlement absolves the district from facing what could have amounted to million-dollar refund to Macerich. "We are very pleased with the settlement," he said. "It shows that we have a corporate resident that is willing to work with us." Attempts to contact David Rowley, an Albany attorney representing Macerich, were unsuccessful today.
Gee, how come Rotterdam Square Mall is reduced in value and all of our homes went up in value and therefore we end up paying more in property tax and the pay less. I wonder what GAR assessed the value of the mall at?
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