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.