Town to reduce Arconic’s assessment

Arconic Massena LLC had petitioned the town’s assessor, Board of Assessment Review and the town of Massena for the reduction under Article 7 of the Real Property Tax Law. Watertown Daily Times

MASSENA — Town officials have agreed to reduce Arconic’s assessment rather than face a legal challenge in court.

Arconic Massena LLC had petitioned the town’s assessor, Board of Assessment Review and the town of Massena for the reduction under Article 7 of the Real Property Tax Law.

The Town Council approved the five-page stipulation and order of settlement following an executive session Wednesday evening.

According to the stipulation, “the parties have engaged in settlement discussions and have agreed to fully resolve their differences without further litigation upon the terms of this Stipulation and Order of Settlement.”

Under the stipulation, the property’s 2020 final full value and taxable assessment remains at $52,695,044. But the taxable value, exempt value and full market value of the property on the town’s tentative and final assessment rolls will decrease from 2021 to 2026.

For 2021, the taxable value is $50,195,044, the exempt value is $9,539,963 and the full market value is $59,735,007.

For 2022, the taxable value is $47,695,044, the exempt value is $9,539,963 and the full market value is $57,235,007.

The following year, the taxable value is $45,195,044, the exempt value is $9,539,963 and the full market value is $54,735,007.

In 2024, the taxable value is $41,465,044, the exempt value is $9,539,963 and the full market value is $51,005,007.

For 2025, the taxable value is $37,735,044, the exempt value is $9,539,963 and the full market value is $47,275,007.

In 2026, the final year, the taxable value is $34,000,000, the exempt value is $9,539,963 and the full market value is $43,539,963.

The property is currently subject to a tax exemption for industrial waste treatment facilities. That exemption will remain in place under the stipulation.

In the event of a town-wide revaluation, the property’s taxable assessment on the town’s final assessment roll from 2021 to 2026 will be set by applying the town’s new equalization rate to the taxable value to arrive at a new taxable assessment.

As part of the stipulation, Arconic agrees not to grieve or file a proceeding regarding the property’s assessment on the town’s tentative or final assessment rolls from 2021 to 2026 except to correct an assessment that doesn’t comply with the stipulation.

Also, if Arconic stops production of aluminum and/or aluminum by-products, or stops smelting, rolling or finishing aluminum or aluminum by-product at the property during any of the assessment years in the stipulation, the company has the right to challenge its assessment for that year.

Rebecca M. Speno from Speno MacLeod LLC, Baldwinsville, represented Arconic. Mark R. McNamara from Barclay Damon LLP, Buffalo, represented the town.

As an Amazon Associate I earn from qualifying purchases.

Johnson Newspapers 7.1

Recommended for you

(0) comments

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.