Brookfield Board of Education has reached a settlement agreement with an industrial property owner over a tax dispute.
When P&M Parkway Associates bought the property at the southwest corner of Routes 7 and 82, the sale price was “way below the market value,” district Treasurer Julie Sloan said. The property sold for $1.85 million, which is less than the $2.13 million it had sold for in 2015, according to the Trumbull County Auditor’s website.
“By that happening, the district’s losing out on a considerable amount of real estate taxes,” Sloan said.
The school board filed an appeal with the Trumbull County Board of Revision in 2019.
“There’s been an agreement reached with the owner of the property, and they are going to pay the district three year’s worth of the lost taxes,” Sloan said.
promoThat amount is $37,794, according to the agreement.
The parties also stipulated that the property should have a market value of $920,400 for the tax years 2018-22.
“We’ve been trying to get these taxes for years from this company,” said board member Ronda Bonekovic. “For years, it’s been a headache.”
The board approved the agreement Oct. 21, and Mark S. Hudson, managing partner of P&M, signed it Oct. 5.