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Saturday, April 30, 2016

Olean: School Board may settle tax case with K-Mart

The following resolution will be considered by the Olean School Board when it meets May 3, 2016:

OLEAN CITY SCHOOL DISTRICT RE: K-MART #7695 V. CITY OF OLEAN AND OLEAN CITY SCHOOL DISTRICT
WHEREAS, K-Mart is the owner of a property located at 2801 West State Street in the City of Olean;
WHEREAS, the subject property was assessed by the City Assessor at an assessed value of $4,300,000 for the 2015-2016 tax year;
WHEREAS, K-Mart has filed a tax assessment challenge requesting a reduction in assessment to $860,000 and a tax refund for the 2015-2016 tax year;
WHEREAS, the property has been inspected by the City Assessor and the property is in need of upgrading and improvements; WHEREAS, a settlement of the tax assessment has been proposed in which K-Mart will withdraw and discontinue the 2015-2016 proceeding, the assessment will be reduced from $4,300,000 to $4,100,000 for the 2016-2017, 2017-2018, 2018-2019, and 2019-2020 tax years and K-Mart will waive any tax refund from the City and School District;
WHEREAS, the City Assessor supports the proposed settlement;
WHEREAS, the settlement will save significant litigation and appraisal costs and potential tax refunds for the current and future years; and
WHEREAS, the School District’s legal counsel recommends the approval of the proposed settlement, it is hereby
RESOLVED, that the proposed settlement reducing the assessment from $4,300,000 to $4,100,000 beginning in the 2016-2017 tax year and for the subsequent two tax years is hereby approved.