STEVENS POINT, Wis. (WSAU) -- One of the battles between Walgreens and several municipalities over the tax value of their properties could be over soon. The City of Stevens Point has a tentative settlement agreement, which passed the Finance Committee Monday and has been forwarded to the full city council next week.
City Attorney Andrew Logan Beveridge says the agreement calls for a lower property tax assessment for 2010 through 2013. “The Walgreen's property on Church Street would be 2.5-million dollars. It’s a reduction of the current assessed value of 3.324 million, resulting in a refund payment to Walgreens of slightly over $86,000 for those four years. We would further stipulate that both parties would waive any costs or fees associated with the litigation.”
The agreement would also call for the city to consider lowering the assessment from 2.5 million dollars to 2.4 million for tax years 2014 and 2015.
The settlement agreement still needs approval of the full city council next Monday.
Several other communities including Madison, Oshkosh and Wausau have had similar cases alleging the municipalities over-valued the Walgreens properties.
If the Stevens Point case isn’t resolved, it is still scheduled to go to trial on October 22nd.