Atlantic City could owe Borgata $48M tax refund - New York News

Atlantic City could owe Borgata $48M tax refund

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Borgata Hotel Casino & Spa (PRNewsFoto/Borgata Hotel Casino & Spa) Borgata Hotel Casino & Spa (PRNewsFoto/Borgata Hotel Casino & Spa)

ATLANTIC CITY, N.J. (AP) - Atlantic City's top casino could be in line for a $48 million tax refund after beating the city in a tax court dispute over the gambling hall's true value.

Ruling in favor of the Borgata Hotel Casino and Spa, a tax court judge found the city had overvalued the casino by 2 ½ times its real worth in 2009 and 2010.

The Press of Atlantic City reports the casino could be due at least $48 million, not counting interest.

The Borgata has been paying $58 million a year in property taxes, a significant part of Atlantic City's $249 million budget.

The city plans to appeal, calling the ruling "grossly unfair" to taxpayers. But the casino hailed the ruling, which cited the declining casino market in Atlantic City.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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