Atlantic City’s Borgata Wins $50 Million Tax Appeal

images (46)imagesCAU0UOCMOuch! Atlantic City’s tax assessor assessed the 2009 and 2010 value of The Borgata at $50 million and wanted to get paid. However, the appraiser hired by the Borgata gave some other numbers — $880 million and $870 million, respectively and in his 64-page ruling, Judge Patrick DeAlmeida, agreed with Borgata and not the City of Atlantic City’s solicitor, Attorney Littlefield that the assessment value placed on the property ($2.26 billion) is not accurate.

Who will this hurt, if anyone? Well the taxpayers of course. If other casinos seek to do the same and win (which they could), the only ones left to pay the shortfall would be the taxpayers in Atlantic City. Ouch! That sucks.

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