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Mohegan Sun

Wiles-Barre, PA: (May-03-07) The Wilkes-Barre Area School District filed charges against Mohegan Sun at Pocono Downs over a property assessment dispute regarding the value of s racetrack property. The suit filed with the courts in 2002, argued that the assessed value of the racetrack property, then owned by Pocono Downs L.P., was too low, giving the district less in property tax payments. The District felt that though market value assessment was $5 million, it should be much higher. When the state approved legalized slot machines, Mohegan Sun bought the Downs property for $280 million in anticipation of getting a state license to build a casino. The district argued that was proof the property was under-assessed. As of last year, the district estimated at least $4 million in back taxes plus approximately $1 million a year in future tax revenue for the district was at stake in the appeal. In a settlement reached, Mohegan Sun has agreed to pay more than $3.3 million to the Wilkes-Barre Area School District, ending the 5-year-old property assessment dispute. [TIMES LEADER: PROPERTY TAXES]

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Published on May-7-07


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