Taxes Rolled Back for Vestal Retailers

By Erika Mahoney
By Matt Hicks
By Callan Gray

January 11, 2013 Updated Jan 11, 2013 at 11:42 PM EST

Vestal, NY (WBNG Binghamton) Two chain department stores have settled with the town of Vestal to lower their property value and, with that, their property taxes.

Sam's Club and Walmart claimed their properties assessment were too high.

But now both parties have agreed to a settlement, which reduces what the two stores will pay in taxes by $10.5 million over the next five years.

Vestal Town Supervisor John Shaffer calls it a win-win for both sides, although he said the town could use the money.

"We didn't have to give them any money back, which meant the school would have had to give money back and we would have had to give give money back. I think it worked out well. The building has been here 20 years and it's depreciated and we know that," said Schaffer.

The attorney for both stores said the request stemmed from a changing real estate market and other legal factors, although he would not specify which ones.