The owners of the closed Atlantic City Race Course are seeking to further lower the assessed value of the property through their second tax appeal since 2012.
According to the Press of Atlantic City, the appeal is the second in four years for Bensalem, Pennsylvania-based Greenwood ACRA Inc. which owns the racetrack.
Greenwood won a 2012 tax appeal that lowered the taxable value of the property from $20 million to its current $5.4 million, according to public records cited by the Press. The change in tax payments was phased in over 2012, 2013 and 2014.
No hearing date has been set on the current appeal, said William Johnson, Hamilton Township tax assessor. The racetrack’s current tax bill is about $45,000 a year, the Press calculated,
The park opened in 1946, and closed in January, citing “continuous business decline in the industry, the current regional economic climate and the absence of alternative revenue opportunities.”
Greenwood has a tax credit of more than $176,000 with the township because of the appeal, according to public records.
