The Crossings Premium Outlets in Tannersville will see its property taxes go up nearly $1.5 million in 2011 after a local reassessment found the property undervalued.
The biggest benefactor is the Pocono Mountain School District, which started the reassessment process against Chelsea Pocono Finance LLC and a number of other properties in October 2008.
The district will receive an additional $1.16 million in taxes next year from The Crossings. The Crossings paid about $572,000 in school taxes this year, but the bill will be $1,732,887 next year.
District officials said the agreement has been in the works for weeks, and the settlement already had been figured into school's 2011-12 general budget. The additional money would not change any district plans — including the decision to lay off more than 150 employees.
The district already has hired back about 20 of about 90 teachers furloughed to replace ones that have resigned or retired, district officials said.
The settlement is effective for Jan. 1 of this year for Monroe County and Pocono Township taxes and July 1 for the district's purposes.
According to the settlement passed by the Pocono Mountain School Board, the assessed value will now stay locked until August 2018. However, a reassessment can be conducted if there are improvements made to the property or there is a new owner.
Though the reassessment has been going on for about three years, there will be no retroactive taxes assessed.
The settlement pegs the market value of the two parcels of properties that make up The Crossings at about $76 million.
Pocono Township will receive almost $139,000 in additional taxes. Board of Supervisors Chairwoman Jane Cilurso said the township doesn't have any specific plans for the extra money other than to deposit it into the general fund of the budget.
"It's good news, because we need (the money)," she said.
The district filed a reassessment appeal to more than a dozen properties in 2008, and The Crossings is the first of the major properties to settle. Pending are appeals of Sanofi Pasteur in Swiftwater, Great Wolf Lodge in Scotrun, Mount Airy Casino Resort in Paradise Township and Skytop Lodge in Skytop.
Officials from The Crossings said there would be no comment on the new tax bills.
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