The Erie County Reassessment Board is adjusting the taxable value of the Wabtec property, a win for neighboring school districts.
The final assessed value of the property now stands at $40,895,029.00.
That is a marked increase from the $23 million previous total, but far short of the $161 million the Erie, Iroquois, and Harborcreek School Districts had requested based on the sales price when the former GE Property was sold to Wabtec.
In a statement released to JET 24 Action News, the Iroquois School District said in part “The Iroquois School Board was seeking to adjust the assessed value to reflect the actual market value of the Wabtec properties. Our decision to ask for this hearing is and has been about equity and exercising fiduciary responsibility for the residents of the Iroquois School District.”
JET 24 Action News will have more on the story tonight on JET 24 Action News beginning at 5 p.m.