County Cuts Lowe’s Tax Assessment
LOCK HAVEN — Clinton County government has approved a 6.4 percent reduction in the assessed value of the Lowe’s Home Center in Bald Eagle Township.
County chief assessor Keith Yearick confirmed this week that Lowe’s will see its assessed valuation go from $7.69 million to $7.2 million. Assessed values are used to determine local real estate taxes, in the case of Lowe’s in Bald Eagle Township, the Keystone Central School District and Clinton County.
A county assessment appeals board had heard the request for the reduction at a hearing on Oct. 21. Local attorney Lee Roberts had sought a reduction to $4.8 million for the 10 year old hardware/building center just off Hogan Boulevard. The appeals board hearing the request consisted of commissioners Paul Conklin and Jeff Snyder and Loganton resident Tom Jeffries.
Lowe’s had been constructed a decade ago and utilized the state’s TIF (tax increment financing) program to help abate real estate taxes over the last 10 years.
Roberts had argued the valuation should be based on the property itself, not the company’s ability to pay. He said the trend in Clinton County is that property value decreases over time. He noted the Baker Hughes property in Lamar Township had cost $45 million to build but presently sits unoccupied, now being marketed for $9 million.
According to Record research, the nearby Wal-Mart, built in 1998, carries a $9.268 million assessed value. That project saw the Arkansas-based chain take advantage of the state’s LERTA program, another option to lower company real estate taxes during its first 10 years of operation. As a point of comparison, the Tractor Supply store along Hogan Boulevard has an assessed valuation of $890,000. That structure was valued in 2014, according to court house records.
