Palisades Center Seeks to Recoup Tens of Millions in Taxes

A lawsuit between the Palisades Center and the Town of Clarkstown challenging the assessment of four years of property taxes begins today in Rockland County Supreme Court.

If successful, the lawsuit, as first reported by Rockland County Business Journal here, would require Clarkstown to repay tens of millions of dollars in tax refunds for the past four years plus accumulated interest.

According to Clarkstown's valuation of the shopping center, the mall has increased in value year over year. On the other hand, the Palisades Center claims its value has decreased.

RCBJ states, "Should the Palisades Center win, the Clarkstown School District could owe over $50 million in refunds and lose future tax revenue of $30-$35 million over the next three years. The town would similarly owe tens of millions of dollars in refunds and interest on the refunds and lose future tax revenues. Interest on refunds accrues from the date the taxes were paid until a final order is entered in the case."

The Palisades Center pays more than $22 million yearly in property taxes and assessments, making the mall Clarkstown's largest taxpayer.

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