EDDYSTONE

WalMart gets break on tax assessment

EDDYSTONE » WalMart is getting a tax cut.

Borough council approved new assessments at its September meeting for 2016, 2017 and 2018 for the WalMart store in the Eddystone Crossing Shopping Center that will also see a reduction in the fair market value of the giant retailer.

Ridley School District Solicitor John F.X. Reilly, who handled the tax assessment matter for the school district, recommended the borough approve the settlement that the school board approved at its August meeting.

The settlement is as follows: 2016 assessment, $7,220,700, a reduction of $699,300; 2017 assessment, $6,443,125, a reduction of $777,575; 2018 assessment, $6,056,538, a reduction of $386,588. Fair market values were set at $10,650,000 for 2016, for 2017 and 2018, $9,912,500.

In another tax assessment matter, Reilly notified council that he negotiated a settlement for an office building at 4th Street and Eddystone Avenue owned by Capital Marine Corp. and occupied in part by the Delaware County Offices of Services for the Aging and Community Transit.

The old assessment for 2017 was $3,324,030, the new assessment will be $1,625,000. For 2018, the former assessment was $1,625,000. The new assessment is $1,527,500. The fair market value of the property was set at $2,500,000.