POTSDAM Four companies will be going before the state Supreme Court to challenge their properties assessed value. The filing deadline for challenges expired on Wednesday.
The owner of the plaza at 200 Market St., which houses Big Lots and other businesses, is continuing its ongoing challenge of its $2.5 million assessment. The owners initially challenged the assessment last year, and the issue has not yet been resolved.
Sometimes these things take years to settle, said town Assessor James P. Snyder.
Lawrence Avenue Apartments, owned by Chason Affinity Inc., Buffalo, is challenging its $3,575,000 assessment, which is based on new improvements to the apartment complex.
According to Affinity, the improvements have not increased the amount it can make on the property because the apartments are subsidized and the rent is fixed. The company did not submit paperwork making this fact clear on time, Mr. Snyder said, leading to the higher assessment.
The Kinney Drugs store at 48 Maple St. is challenging its $1.5 million assessment.
Erie Boulevard Hydro Power is challenging the towns evaluation of eight properties, a total combined assessment of about $15.8 million. The company is arguing that the shrinking price of natural gas has brought electricity costs down with it, lowering its bottom line, according to Mr. Snyder.
Potsdam is preparing to reassess all of the towns properties next year, the first full reassessment since 2008, Mr. Snyder said.