Trending
LOCK HAVEN -- Lowe's Home Center in Bald Eagle Township is seeking to decrease its real estate tax burden.
The company, represented by local attorney Lee Roberts, argued that it's property, currently valued at $7.69 million, should be valued at much less -- $4.8 million.
Roberts forwarded the company's arguments Friday before the Assessment Appeals Board and Chief Assessor Keith Yearick.
The hearing was the largest in a series of appeals being made by property owners at Friday's sessions.
The board was comprised of commissioners Paul Conklin and Jeff Snyder, and local resident Tom Jeffries
Roberts forwarded the proposition that the assessed value of the parcel at 284 Hogan Blvd. should focus on the property itself, as real estate taxes are supposed to be against assessed real value without considering the value of the business, which is part of a national chain.
The store was built in 2006 and benefited from tax increment financing, or TIF, a program designed to spur investment and new jobs in exchange for deferring tax revenue that otherwise would not materialize because the company itself may not otherwise build or locate in the area in question.
Roberts suggested that the "fair market value" should be based on the real property, and not the company's ability to pay.
In Clinton County, Roberts said, the most likely trend is that the property value decreases over time.
He pointed at the Baker Hughes property, and said when first built at a cost of $45 million, it's now being marketed at around $9 million.
Roberts also used a rental model to suggest that similar properties were valued at much less after taking other costs into consideration.