ENDICOTT, NY – A reduction in the property taxes paid by the new owners of the Huron Campus in Endicott will result in a significant financial loss for the village and the Union-Endicott School District.
The new valuation will result in a $558,000 annual loss to U-E and $324,000 loss to the Village of Endicott.
Broome County stands to lose $143,000 in property tax revenue while the Town of Union will be out $40,000 annually.
The town’s assessor and attorney agreed to settle litigation with Huron’s owner Phoenix Investors after Phoenix purchased the 130 acre industrial campus last fall for $31.5 million.
Phoenix sought to have the assessment on the property lowered to fall in line with what it paid for it.
After hiring an appraiser to evaluate the value of the site, the town agreed that the Huron Campus is worth even less, settling on an assessment of $33 million for this year, going down to $30 million in 2023.
Town officials say that by settling with Phoenix, the property owner agreed to take only 25% of a refund on its 2021 property taxes, rather than seeking the full amount.
Union Supervisor Rick Materese tells NewsChannel 34 that by settling, the town also avoided costly litigation fees and that he’s hopeful that once the new facilities for Imperium 3 New York and Ubiquity Solar are built out, the assessment of the property can be revisited.