McKean County, Foster Township and Bradford Area School District stand to lose a combined $157,793 in tax revenue following a temporary reassessment of the Bradford Mall property in Foster Township.
Meanwhile, MBC Properties submitted an appraisal for a market value of $1,700,000 for the property at 1001 E. Main St. The property is under appeal in the Court of Common Pleas, she said.
“I assume that is the value they would like to see,” said Angelia Tennies, the county’s chief assessor/director of tax claim, who provided figures to The Era on Friday.
The assessed value for the 2018 tax year for the property is $7,833,350. An appeal hearing held May 22 resulted in a temporary assessed value of $3,720,940 for the 2018 tax year, according Tennies.
All told, McKean County would lose $46,265 in revenue at face value; Foster Township, $20,562; and Bradford School District, $90,966, according to information from Tennies.
Commissioner Carol Duffy said what’s decided with the mall property is up to the court. However, she said she is concerned with a shrinking tax base and the county’s need to provide services.
Foster Township Supervisor George Hocker said he did not want to comment on the matter, citing the desire to verify the tax revenue loss to the municipality.
Pat Higgins of MBC Development and Bradford Area School District Superintendent Katy Pude did not immediately respond to a phone call or email seeking comment for this story.
MBC Properties acquired the former Kmart parcel in 2014 and the mall was purchased in 2013.
In recent years, the mall has seen a resurgence of growth. ALDI, Sheetz, Taco Bell and Dunham’s Sports opened, and Big Lots relocated to a space formerly occupied by Kmart.
But the mall has seen a regression, too. The old Big Lots space remains empty, and a spot that housed the Carolina Furniture showroom is vacant. The Vagabond’s End Games & Hobbies store that had been inside the mall closed down in late 2017.
Several years ago, the mall area was all but dead with only three stores open around the mid-2000s. Now around the mall property there are several businesses–– but the only store inside the mall is PHOENIX Rehabilitation.
