As the value of property in downtown Geneva continues to drop, some property owners are appealing their tax assessments, resulting in fewer dollars for local taxing bodies.
That's the case with Geneva on the Dam, which is requesting a $460,000 reduction in its property tax assessment for 2010.
On Monday night, School District 304 joined other Geneva Township taxing bodies by passing a resolution authorizing an "intervention: in the 2010 Geneva on the Dam Building Associates’ appeal.
According to School District 304's "For the Record" e-mail blast, "the appeal exposes the district and other Geneva Township taxing agencies to approximately $41,800 in property tax refunds."
Geneva developer Kent Shodeen filed for the reduction along with Geneva on the Dam Building Associates, according to an article in the Chicago Tribune's Trib Local.
According to Showcase.com, there is more than 9,000 square feet of available space in the Geneva on the Dam property. The lease price ranges from $14 a square foot to $17 a square foot.