The Valley School of Ligonier has won a tax assessment appeal for an East Main Street property on the Diamond in Ligonier.
The Westmoreland County Tax Assessment Appeals Board agreed with appraiser Gary Hayden’s testimony that the fair market value of the building, which the school leases to Citizens Bank and Janney Montgomery Scott, should be $1.35 million.
Previously, the implied market value of the property, based on an assessed value of $374,410 multiplied by the Westmoreland County Common Level Ratio of 5.18 percent was $1,939,443.80.
The new assessed value, which will take effect in 2015, is $260,550.
The property taxes will decrease by a total of almost $14,000 in 2015 for all taxing bodies, according to chief assessor William S. Ferraro.
Under the new value, Westmoreland County will receive about $5,470, Ligonier Borough will receive $6,123 and Ligonier Valley School District will garner about $19,930.
Ferraro said those figures would change if millage rates change.
Under the old value, the county received almost $7,860, with almost $8,800 going to the borough and about $28,640 going to the school district.
“As far as the school is concerned, it’s a great opportunity for them, and it’s a nice way to preserve the Diamond,” said attorney Mark Sorice, who represented Valley School of Ligonier in the appeal.
Ligonier Borough solicitor George Welty and Ligonier Valley School District solicitor Dennis Rafferty declined to comment.
Nicole Chynoweth is a staff writer for Trib Total Media. She can be reached at 724-850-2862 or [email protected].