WATERTOWN — The COR Development Co. has filed suit against the city in an attempt to lower the property value assessment of the old Mercy Hospital site.
Following reports that the Syracuse-based development company would take the city to court over the assessment, on Monday, COR filed suit in state Supreme Court against the city, the city assessor, the city’s Board of Assessment Review and Jefferson County.
COR is seeking to get its assessment lowered from $1,414,000 to $267,000. But the company has already listed the nearly 6-acre site at 218 Stone St. and three other nearby smaller parcels for $2.5 million.
The city assessed the property at $1.4 million in both 2019 and 2020. The property was previously assessed at $838,500.
The suit claims that the $1.4 million assessment is “excessive” because it’s greater than the fair market value of the 218 Stone St. property.
The $2.5 million listing includes property along Sherman Street where three houses were demolished and property adjacent to two former parking lots. Those properties are not part of the assessment disagreement.
The other vacant 2-acre and 1.15-acre parcels were primarily used for parking for hospital employees and a .11-acre sliver contains a sign for St. Patrick’s Church.