Reassessment on Commercial Properties Totaled $7.8M

February 07, 2011 / Elizabeth Buckley, Commercial Property Analyst

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.

Reassessment on Commercial Properties Totaled $7.8M

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.

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