Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Abatement topic
No spam. Unsubscribe anytime.
Board denies Margate-area hotel abatement, citing lack of supporting evidence
Summary
The Board of Assessors denied abatement claims for Margate Inc., Margate Motel Inc., and Innvest Hotel Properties after the taxpayer and representative provided no substantiating market evidence beyond an asserted $9,000,000 value; the motion carried unanimously.
Tax representatives for Margate Inc., Margate Motel Inc., and Innvest Hotel Properties requested reductions but did not provide market evidence beyond an unsubstantiated $9,000,000 claim. The minutes note the properties function as a single economic unit, together totaling more than eight acres with approximately 850 feet of frontage on Paugus Bay, and that nearby properties have been redeveloped to high-end lakefront residences.
After reviewing the submission and the local redevelopment context, member Jim Rice moved to deny the abatement; Karen Mudgett seconded, and the motion carried unanimously.
