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

Atlantic City could owe Borgata $48M tax refund

Posted: Updated:
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 This material may not be published, broadcast, rewritten or redistributed.

  • Local NewsLocal NewsMore>>

  • FEMA chief questioned over Sandy claims

    FEMA chief questioned over Sandy claims

    Hurricane Sandy damage in Mantoloking, N.J.Hurricane Sandy damage in Mantoloking, N.J.
    The head of the Federal Emergency Management Agency has asked an independent watchdog to examine whether the flood-insurance program is shortchanging Superstorm Sandy victims.
    The head of the Federal Emergency Management Agency has asked an independent watchdog to examine whether the flood-insurance program is shortchanging Superstorm Sandy victims.
  • Teen pleads guilty in 1 World Trade Center climb

    Teen pleads guilty in 1 World Trade Center climb

    A teenager who made a surreptitious climb to the top of the 1 World Trade Center tower has pleaded guilty in an escapade that fanned concerns about security at the nation's tallest building.
    A teenager who made a surreptitious climb to the top of the 1 World Trade Center tower has pleaded guilty in an escapade that fanned concerns about security at the nation's tallest building.
  • Summit at City Hall to discuss police-community relations

    Summit at City Hall to discuss police-community relations

    Thursday, July 31 2014 7:29 AM EDT2014-07-31 11:29:54 GMT
    Ways to improve the relationship between the NYPD and communities in New York City will be at the center of a summit held at City Hall on Thursday. Mayor Bill de Blasio, Police Commissioner Bill Bratton, Rev. Al Sharpton, city officials and community leaders are expected to attend the round table. Accusations of police brutality and the death of a man under arrest for selling un-taxed cigarettes on Staten Island lead Mayor De Blasio to host the forum.
    Ways to improve the relationship between the NYPD and communities in New York City will be at the center of a summit held at City Hall on Thursday. Mayor Bill de Blasio, Police Commissioner Bill Bratton, Rev. Al Sharpton, city officials and community leaders are expected to attend the round table. Accusations of police brutality and the death of a man under arrest for selling un-taxed cigarettes on Staten Island lead Mayor De Blasio to host the forum.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices