Town of Union, NY (WBNG Binghamton) A settlement approved by the New York State Supreme Court will greatly impact the tax base in Endicott.
Huron Real Estate filed suit to request a large reduction on its property tax assessment at the former IBM campus.
Huron Real Estate asked for a property tax reduction on more than 30 properties, most of which lie in the Village of Endicott.
Through the settlement with the Town of Union it will receive a new assessment on all of the parcels that make up the Huron Campus.
The 2011 assessment was based on a ten year market value of the Huron campus of about $150 million, but now this year's assessment is based on a current market value of $40 million.
Huron had originally asked for the true market value of the Huron Campus to be reduced to 15 million.
Huron will not be able to contest this new assessment for three years.
Town of Union Attorney Allen Pope gives an example of would happen if the village decides to make up for the Huron reduction by raising property taxes.
A home in Village of Endicott assessed at $75,000 would have to pay approximately $125 to $150 more in school taxes, and around $225 to $250 more in village taxes.
The cost of disputing the lawsuit did weigh in on the Town of Union's negotiations.
Continuing litigation with further appraisals would reach an estimated $450,000 in court and attorney fees.