The City of Fulton has settled a potentially costly tax assessment battle on terms that the Mayor calls favorable.
Fastrac Markets, LLC sued the city, claiming that its Fastrac convenience store at the corner of Routes 481 and 3 was overassessed.
The retail location had been assessed at $830,000. The city said Fastrac sought to lower the assessment to $465,000, a change that would have taken thousands of property tax dollars away from the city.
The two sides settled at $750,000.
Members of the Fulton Common Council approved the settlement this week.
Mayor Ron Woodward said the city will have to refund $655 to Fastrac because the settlement applies to the store’s 2009 taxes. Other local taxing agencies, such as the school district, will also have to make refunds. Woodward said the Fulton school district’s refund would be less than $100.
“Our attorney (David Hawthorne) reached a settlement that I think is very favorable to the city,” said Woodward.
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