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Board authorizes staff to accept proposed ATB settlement for CVS property at 451 Main Street
Summary
After recounting an Appellate Tax Board trial and an 87‑page appraisal from the owner’s attorney, the board authorized staff to pursue or accept a $3.5 million settlement (or seek $3.6 million if possible) to resolve disputed assessments for the CVS at 451 Main Street.
A staff member told the Wakefield Board of Assessors that an Appellate Tax Board trial over the CVS property at 451 Main Street covered assessment years 2023–2026 and featured an 87‑page appraisal submitted by the property’s attorney, Attorney Stavitzky. The trial lasted roughly two hours and the full panel will make the final decision in due course, the staff member said.
The hearing officer (Ms. Good) contacted staff after the hearing with a settlement offer. The staff member described the offer and recommended the board authorize settling at $3.5 million for all disputed years — or to push for $3.6 million if staff could secure that higher figure — to avoid additional interest and the delay and uncertainty of a panel decision. The staff member said accepting a settlement would save roughly $10,000–$12,000 in interest compared with awaiting a panel decision.
A board member moved and another seconded to authorize staff to accept an offer at $3.5 million (or up to $3.6 million if obtainable); the board approved the motion by voice vote.
Board members framed the authorization as a risk‑management decision: accepting the negotiated figure reduces exposure to additional interest and the uncertain outcome of prolonged appeal. The staff member said the panel’s decision could take weeks or months and that interest could increase the town’s obligation if the board lost on appeal.
