Two large commercial properties will pay less tax.
The Falls Township Supervisory Board last month approved appeal settlements for the Sheraton Bucks County Hotel on Oxford Valley Road and the former Bucks County Courier Times printing plan on Geoffrey Drive
Supervisors approved reducing the valuation of the 15-story Sheraton Bucks County hotel, owned by Ashford Bucks LLC, from $ 1,200,360 to $ 750,000.
Before the valuation change, the hotel was paying about $ 198,500 per year in taxes between the three tax agencies – Falls Township, Pennsbury School District, and Bucks County.
The call for the Geoffrey Drive printing plant, which was closed last year as part of the newspaper’s downsizing, was filed by Gatehouse Media, which recently merged with Gannett. The three tax authorities have agreed to reduce the property’s tax assessment from $ 449,400 to $ 315,950, which will lower the tax bill.
The facility has already paid around $ 92,910 in taxes between the three tax authorities.
The closed printing plant was sold by the newspaper company to Ag-Eip Two Geoffrey Drive LLC in December 2020 for $ 3.55 million, according to county property records. The building is currently listed for rental.
Calls for appraisals and re-appraisals are not uncommon and occur when a homeowner wants a re-appraisal of a property’s value. One of the most significant revaluations took place when the value of the Oxford Valley Shopping Center in Middletown Township was reduced in 2019.
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