January 31, 2008
Belfast takes $200k hit from reassessment
A lower valuation for the former MBNA complex now occupied by Athenahealth in Belfast will cost the city more than $200,000 in tax revenues.
City Assessor Bob Whiteley lowered the valuation of the Phase 1 complex by 50% for 2008, an $11 million difference from its previous $23 million value that will cost the city about $220,000 in tax revenues, the news website VillageSoup.com reported. The reasons for the lowered valuation are lack of local work force to support the size of the building, its location in a zone that prevents it from being developed as retail space, and its recent sale to Athenahealth for far less than the assessed value, Whiteley told the website. Athenahealth bought the 150,000-square-foot building from Bank of America last year for $6.1 million, the website reported.
Whiteley also is reviewing the MBNA Phase 2 complex, which currently is valued at about $29 million. A similar value reduction for that property would cost the city an additional $300,000 in tax revenues, VillageSoup.com reported.
City Assessor Bob Whiteley lowered the valuation of the Phase 1 complex by 50% for 2008, an $11 million difference from its previous $23 million value that will cost the city about $220,000 in tax revenues, the news website VillageSoup.com reported. The reasons for the lowered valuation are lack of local work force to support the size of the building, its location in a zone that prevents it from being developed as retail space, and its recent sale to Athenahealth for far less than the assessed value, Whiteley told the website. Athenahealth bought the 150,000-square-foot building from Bank of America last year for $6.1 million, the website reported.
Whiteley also is reviewing the MBNA Phase 2 complex, which currently is valued at about $29 million. A similar value reduction for that property would cost the city an additional $300,000 in tax revenues, VillageSoup.com reported.
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