How much is Executive Park worth?

GUILDERLAND — Stuyvesant Plaza is making the case that its Executive Park property is worth far less than the $17,419,600 for which the town has assessed it.

Karen VanWagenen, Guilderland’s assessor, said the property is 13.6 acres and includes a high-rise office building as well as two adjoining buildings and three other single-story buildings.

No court date has been set. “We don’t have a timeline,” said VanWagenen.

“It’s their right to question their assessment,” she said, adding, “It would be costly if they won.”

Because of the potential loss in tax revenues, the Guilderland school district has agreed to pay 70 percent of an appraisal fee while the town pays the other 30 percent.

The school district pays a larger share, as it has in similar tax cases before, because it collects far more in taxes than the town.

Neil Sanders, the school district’s assistant superintendent for business, estimated the appraisal would cost $5,000 overall.

VanWagenen said the assessment was last updated in 2005. “We always use outside commercial appraisers,” she said for such properties, and the hope is to use the Hafner Valuation Group Inc. again.

The property had been assessed at about $19 million, VanWagenen said, and, after Stuyvesant Plaza went through the grievance process in 2012, it was dropped to $17.4 million.

According to the grievance forms, VanWagenen said, Stuyvesant is requesting the full value be set at $12.5 million.

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