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<br />M Martinsville <br /> <br />City Council <br />Agenda Summary <br /> <br />Meeting Date: <br />Item No: <br />Department: <br />Issue: <br /> <br />November 8,2005 <br />7. <br /> <br />Commissioner of the Revenue & Treasurer <br /> <br />Consider authorizing a refund of $50,478.10 (includes <br />interest) to Commonwealth Boulevard Associates, LLC for <br />overpayment of real estate taxes for tax years 2001-2005. <br /> <br />Summary: Commonwealth Boulevard Associates, LLC filed an application for <br />relief of a real estate tax assessment of a parcel owned by them with the Circuit <br />Court after their request for relief was denied by the Martinsville Board of <br />Equalization and the Commissioner of the Revenue. City Council directed the City <br />Attorney to settle the suit rather than litigate. The attomeys for the City and <br />Commonwealth Boulevard Associates, LLC settled on a property valuation of <br />$3,200,000 for each of tax years 2001,2002,2003,2004, and 2005 and interest <br />to be calculated by the Treasurer at one-half the amount prescribed by the Code of <br />Virginia for the tax periods requested. As ordered by the Circuit Court, the total <br />principle refund due to the taxpayer for the tax periods is $46,071.28. The Code of <br />Virginia authorizes the City Treasurer to issue refunds up to $2,500 without prior <br />authorization of City Council. The City Treasurer has calculated interest based on <br />a payment date of November 9, 2005 to be $4,406.82 for a total refund of <br />$50,478.10. <br /> <br />Attachments: <br /> <br />Final Judgment Order <br /> <br />Recommendations: Motion to approve refund <br />