City to refund real estate company $380K in property taxes
BELFAST, Maine (AP) — The Maine city of Belfast plans to refund a property owner nearly $400,000 because of a drop in tax valuation.
The Bangor Daily News reports office buildings owned by Massachusetts real estate company STAG IV Belfast LLC dropped in tax valuation from $41 million to $16.7 million over four years. Some of the space is leased or owned while nearly 200,000 square feet is vacant.
The credit card company MBNA had used much of the office space before selling its holdings to Bank of America in 2006.
Belfast tax assessor Brent Martin says the city is satisfied with the resolution with STAG IV over valuation. Martin says he would like the buildings to be sold and put to use.
City Manager Joe Slocum says the value could come back up.
Information from: Bangor Daily News, http://www.bangordailynews.com