TAX ASSESSMENT UPDATE 2013

GOOD NEWS!! Cronin, Cronin Law Firm, PLLC, our counsel for protesting the recent re-assessment of the Landings, has received notice that the Town of Southampton has reduced the assessments on all of the units.

Our original arrangement last year was for a $7.5 million dollar valuation and the proposed new appraisal came in at $17.42 million dollars. After negotiating, Brad Cronin has the settlement at an $8.5 million dollar valuation, up $1 million dollars from last year’s agreement. So instead of a 60% reduction from the $17.42 million as originally agreed to, the newreduction is 50%. In his letter to us, Brad also cited how the town of Southampton made its determination.

Brad further stated that given the upturn in real estate values and how other complexes faired, he felt this was more than a fair settlement and suggested we
sign it. The board has agreed to his suggestion due to the increase being a lot less than originally sought. A $1 million raise is certainly better than a $10 million escalation.

You can read his letter by clicking on the link below.

Click here: Tax assessment 2013 update

The Board of Managers

www.westhamptonlandings.com
info@westhamptonlandings.com