BEACON FALLS — The Board of Selectmen this month reduced the assessed and fair market values of four properties in the Murtha Industrial Park in response to legal action.
The reductions are part of a settlement between the town and three parties — Arminda Murtha, Murtha Industrial Four, LLC, and Murtha Enterprises Inc.
The three parties filed a lawsuit against Beacon Falls to lower the assessments following the town’s 2016 revaluation.
The assessed value of each property was reduced by 8.6 percent, according to the settlement. All four properties have the address 125 Railroad Ave. Ext.
The town reduced the assessed value of the property owned by Arminda Murtha by $132,650 to $1.4 million.
The town reduced the assessed value of the property owned by Murtha Industrial Four, LLC, by $221,530 to $2.3 million.
The town reduced assessed value of two properties owned by Murtha Enterprises Inc. The first property was reduced by $208,200 to nearly $2.2 million. The second property was reduced by $86,880 to $917,460.
According to the settlement, the new values of the properties cannot be changed until the next town-wide revaluation.
The state requires towns to perform a full physical revaluation every 10 years to assess the current market values of properties for tax purposes, and a smaller revaluation every five years.
Under the settlement, the tax overpayments before the assessment reductions will be applied to the January 2019 tax bill.