LAWSUITS NEWS & LEGAL INFORMATION
Tax Overassessment
Newburgh, NY: (Apr-22-08) Dynegy, owner of the Roseton and Danskammer electric generating plants, brought a lawsuit against the town of Newburgh, over issues concerning over-payment of property taxes. The suit claimed that due to the increasing prices of homes in recent years, and compounded with the state's equalization rate, the taxes on the two power plants were over assessed. The company said that the taxes were based on an increased value of the plants over a five year period from $903 million to $1.46 billion. Records show that the lawsuit with Dynegy has cost taxpayers $1 million in legal fees, and sources state that a prolonged trial would've cost an additional $350,000.
As part of a settlement reached in the dispute, sources on both sides confirmed that the parties have reached a settlement, in which the Town of Newburgh has agreed to pay Dynegy $3.4 million, resolving litigation. Town spokespersons stated that the $3.4 million payment will cover all liabilities for the town's general fund, highway fund, Consolidated Water I and II and the Middlehope Fire District. It will be up to the Marlboro School District and County of Orange if they want to settle with Dynegy or take their cases to court. Additionally, the two parties agreed on a formula for future property tax payments to the town, ensuring that similar episodes are not repeated. [MID-HUDSON NEWS: TOWN OF NEWBURGH SETTLES TAX CONTROVERSY WITH DYNEGY]
Published on Apr-24-08
As part of a settlement reached in the dispute, sources on both sides confirmed that the parties have reached a settlement, in which the Town of Newburgh has agreed to pay Dynegy $3.4 million, resolving litigation. Town spokespersons stated that the $3.4 million payment will cover all liabilities for the town's general fund, highway fund, Consolidated Water I and II and the Middlehope Fire District. It will be up to the Marlboro School District and County of Orange if they want to settle with Dynegy or take their cases to court. Additionally, the two parties agreed on a formula for future property tax payments to the town, ensuring that similar episodes are not repeated. [
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