The Hollywood Casino of Maine has been denied a request to have a reduction to their property tax assessment, claiming their three casino properties are not worth what the City Assessor Phil Drew has determined. In a response three pages long, Drew denied the casino’s request for a $36.8 million reduction, stating that the gaming company did not provide sufficient information that his assessment was ‘manifestly wrong,’ which is a requirement to reduce the tax assessment based on the state laws.
The casino can appeal the decision by Drew but only has 60 days to do so. The casino must meet with the Bangor Board of Assessment Review to fight the decision and the casino has yet to say whether they will fight the ruling. A spokesman for the casino, Dan Cashman, stated that the assessor’s response is currently under review and the casino will be determining their next course of action.
The casino group believes the value of their downtown properties is only $61.38 million instead of the $98.18 million that was assessed. If the approval for tax abatement is given, the city would have to pay the casino $876,849 for the taxes already paid for 2014.