LAWSUITS NEWS & LEGAL INFORMATION
Trump Property Assessment
Atlantic City, NJ: (Nov-02-07) Trump Entertainment Resorts, a consolidated company that includes Donald Trump's three casinos, brought charges against the city, alleging that the city overassessed their properties. Records show that Trump Entertainment Resorts had filed 19 tax appeals.
As part of a settlement reached, sources confirmed that the city council approved a $34 million settlement with Trump Entertainment Resorts, resolving the tax dispute. City officials feared they could have lost as much as $93 million had the cases gone to trial. The settlement consists of $12 million in cash for 2007, and then $4 million per year in tax credits for 2009 to 2011, and $5 million per year in credits for 2012 and 2013, officials said. Atlantic County will contribute $5 million to the settlement, as repayment for the proportional tax money the city had turned over to the county. [SOUTH JERSEY NEWS: PROPERTY ASSESSMENT]
Published on Nov-5-07
As part of a settlement reached, sources confirmed that the city council approved a $34 million settlement with Trump Entertainment Resorts, resolving the tax dispute. City officials feared they could have lost as much as $93 million had the cases gone to trial. The settlement consists of $12 million in cash for 2007, and then $4 million per year in tax credits for 2009 to 2011, and $5 million per year in credits for 2012 and 2013, officials said. Atlantic County will contribute $5 million to the settlement, as repayment for the proportional tax money the city had turned over to the county. [
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