Aug. 14--The Carlisle Area School District administration is recommending the school board approve a tax assessment agreement with Home Depot USA Inc., which would cost the district roughly $28,000 in annual tax revenue next school year.
Home Depot, which has a home improvement store at South Hanover Street and Houser Lane in Carlisle, appealed its August 2013 property value assessment of $8.4 million.
The Cumberland County Board of Assessment Appeals held a hearing on the matter on October 1, and the next day, it upheld the $8.4 million assessment.
Home Depot appealed the board's decision with the Cumberland County Court; while the district hired a real estate appraisal group to provide it with an estimated value for the property.
A full appraisal was not conducted, but based on the estimate, the district proposed settling the tax assessment appeal for a fair market value of $6.15 million, according to a memo the district's finance director sent to the school board's budget and finance committee.
At $8.4 million, Home Depot would pay the district about $108,612 in property taxes under Carlisle's recently adopted millage rate of 12.93 mills. Under the agreement, it would pay $80,166.
The Cumberland County Assessment Office and the Board of Assessment Appeals have reviewed and approved the agreement, according to the memo.
Farr is expected to review the agreement with the board's Budget and Finance Committee during its meeting at 7 p.m. Thursday.
The board could approve it at its next meeting set for 7 p.m.Aug. 21.
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