Hollywood Casino fighting with city of Bangor over tax valuation
Hollywood Casino in Bangor is appealing the city’s valuation of its Main Street properties and leases, saying the city overvalued them by more than half.
The Bangor Daily News reported Thursday that the casino filed the appeal earlier this month with the Maine State Board of Property Tax Review. With a city assessment of $98.18 million, the casino says the city overvalued its property by $61.98 million.
The city could be forced to refund $1.35 million of the $2.14 million in property taxes the casino already paid for the 2014 tax year if the casino wins the dispute, the BDN reported.
Bangor City Councilor Ben Sprague told the paper that the lost revenue would create a major hole in the city’s budget.
The appeal to the state board followed two separate abatement denials by the city’s assessor and Board of Assessment Review. In the casino’s initial abatement request in January, it claimed the city overvalued the properties and leases by $36.8 million.
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