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County Lawmakers Agree to Lower Greek Peak Tax Assessment
Saturday, July 28, 2012
County Lawmakers Agree to Lower Greek Peak Tax Assessment
Cortland County lawmakers have agreed to lower the property assessment of the Greek Peak; the decision means a lower tax bill for the struggling resort.

In a 17 to 2 vote, the County Legislature voted in favor of reducing Greek Peak’s tax bill by nearly $400 thousand dollars. The decision ends a lawsuit filed by the operators challenging the resorts tax assessment.

Greek peak fought it’s $21.3 million dollar overall assessment based on a state law that does not allow condominiums to assessed as a single unit, but rather that they are each appraised separately.

The settlement will reduce the overall assessment to $14.5 million.

Greek Peak is struggling to keep the doors open after its previous lender Tennessee Commerce Bank went under and was taken over by Federal regulators.

Earlier this month U-S Senator Chuck Schumer appeared at the troubled resort asking for a $1.6 million dollar loan to keep the operations going through the upcoming ski season.

Peak Resorts C-E-O Al Kryger has said season lift tickets and packages will be honored no matter what happens with the resorts financing.
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