Recently, four commercial properties have received a total of $7.8 million in Luzerne County, Pennsylvania. According to court filings in the county, the commercial properties received assessment reductions by state- court meditation. All owners of the properties must file an assessment challenge at the assessment appeal board of Luzerne County.
According to a report, the assessment challenge must be filed before reaching the mediation process. Owners of the commercial properties and Solicitor David Schwager, the county assessment officer, must agree and sign- off on all mediation arrangements.
Among the four commercial properties, CertainTeed Fiber Glass Corp has the largest assessment reduction— about $6.3 million for a company plant located in Wright Township.
The assessment appeal board of Luzerne County previously assessed the property for $12.8 million, which is now assessed for $6.5 million.
CertainTeed closed its insulation product manufacturing plant in 2010.
One of the commercial properties— Genetti Hotel & Conference Center, which is owned by the Industrial Development Authority of the City of Wilkes-Barre, has also received about $1.01 million assessment reduction.
The hotel complex is now valued for $2.08 million.
A $288,900 assessment reduction was also received by Inland Container Corp. The property is now valued for $3.95 million.
Two of Citi Tower LLC’s properties located in Wilkes-Barre’s business district received about $178,700. Both of the properties now have a total value of $3.9 million. Anchor tenants on the properties are Citizens Bank Building and a parking garage.
According to Schwager, there are about 2,000 court- level mediations from the county’s reassessments on commercial properties.