The Erie County Board of Tax Assessment Appeals approved Mercyhurst University’s value of their former North East campus.
The assessed value of the property is now 6.6 million dollars.
The value of Mercyhurst University’s former North East campus has been reassessed which will decrease the tax liability of the buyer.
The property was originally valued at 24 million dollars.
Currently the campus is exempt from taxes because it is owned by an educational institution.
However, a private company is interested in purchasing the 70 acre property.
The Erie County Chief Assessor said that before the North East Property was reassessed, it was very difficult to sell, describing it as a special use property.
“They’re very difficult to put a price tag on because of what they are. They’re historic buildings. They’re extremely expensive to maintain. They’re beautiful, everybody wants to keep them. It’s just that in the market place, there is not a good market for them,” said Scott Maas, Chief Assessor for Erie County Assessment.
Maas said that now that the property has been reassessed, it is more likely to be sold.
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