What is the Glenpointe Tax Appeal?
The Glenpointe complex, consisting of Hotels, Offices, Atriums, parking lots and more appealed the assessment of their taxes for the years 2007 through 20101.
Had the Glenpointe prevailed, the Township would have been responsible for refunding over $15 million dollars.
[Note: $15M figure does not take into account tax appeals for years 2011 through 2018, which are included in the settlement agreed to by the parties]After the Superior Court found mostly for the Town, the appeals were ultimately settled for $8,083,000 (including interest).
From Judge Andresini:
(all quotes are fully explained below with relevant links to the opinion)
[T]he court rejects Plaintiff’s expert’s determination of stabilized revenue. Given that the Township’s expert’s stabilized ADR figures are in line with the actual ADR of the subject Hotel for the relevant tax years, did not overstate the effect of the economic downturn on those years, and are supported by the comparable data sets contained in the PKF trends he used, the court finds his stabilization of the subject Hotel’s revenues to be reliable and will adopt his conclusions of revenues accordingly.
Continue reading “Glenpointe Tax Appeal in the Rear-view Mirror”