The Clarkstown Town Board and Board of Education voted this week to approve a $20 million tax certiorari settlement with the Palisades Center mall. As part of the seven-year agreement, the mall will pay $21 million in taxes for the next four years, reduced from the roughly $23.4 million a year it currently pays, and the property assessment will be unchanged for the following three years.
The school district will refund $13 million to the Palisades mall, the town will pay $5 million, and the county and other taxing districts will pay $2 million. The mall said it will pass on the bulk of the refunds to its tenants. The district will withdraw $13 million from its tax certiorari reserves, and the town will finance its refund through a serial bond.
The Palisades Center mall won’t be able to challenge its property assessment during the seven-year agreement.
“It could have been a lot worse,” Clarkstown Supervisor Alex Gromack said this week.
The mall filed a tax certiorari in 2009 seeking a two-thirds tax decrease and a $30 million refund. The agreement settled the tax challenge for the years 2009-10 through 2013-14.
Do you think the agreement is fair?