A property re-assessment of Wabtec is complete, leaving a chance for more money to go to local districts.
Although there was an increase in the latest assessment value of Wabtec, it is still over $100 million short of the price Wabtec paid for the property.
There were alarming numbers from the start regarding the value of the Wabtec property. The Erie County Board of Tax Assessment Appeals had a three person board come to a decision of how much it is worth.
“When the board looked at what was brought to them or better the lack of things that was brought to them, they had to determine the fair value. Well, they looked at the fair value at the $24 million roughly and determined that was too low,” said Scott Mass, Chief Assessor, Erie County.
It was also discovered that the $161 million Wabtec paid for the property was too high.
“We’re happy that the needle moved our way a little bit, but we believe the needle should’ve gone a little further, but that’s my opinion. My school board will have to make that ultimate decision and they are not meeting again until November 11th,” said Shane Murray, Superintendent, Iroquois School District.
The final assessed value of the property now stands at $40,895,029.
The Iroquois Superintendent explained that Wabtec takes up 24% of the school districts property, marking the company as the largest tax payer in the district.
“We just want Wabtec to stay here, be a job producer, and at the same time, pay their fair share of taxes,” said Murray.
Erie County Assessment Office explaining just how much Iroquois could see because of this change.
The previous assessed value for Wabtec was $23.8 million. Other districts that have Wabtec property include Erie School District and Harborcreek.
Either side can still appeal the decision and take it to Common Pleas Court.