North Penn School District and Lansdale Borough have agreed to a negotiated assessment increase of the at 10 West Main Street in Lansdale.
The property formerly assessed at $736,630 has been increased to an assessment of around $1.9 million, according to borough councilman and administration and finance committee chairman Dan Dunigan.
"There was an appeal filed by the North Penn School District (for) 10 W. Main St. - the Rite Aid. As a result of that, there was a negotiated increase in the assessment of the building, which resulted in a substantial increase," Dunigan said.
Dunigan said the new $1.9 million assessment totals about a $35,000 increase in tax value.
"The school district is collecting the vast majority. The borough gets its portion, about $4,300," Dunigan said.
The property is owned by 1401 Tower Partners LP, in care of Rite Aid Corporation of Harrisburg.
Estimated taxes for the property under the old assessment totaled $2,578 for Lansdale; $2,322 for Montgomery County and $16,174 for the school district, according to Montgomery County records.
The new assessment brings the totals for Lansdale, Montgomery County and the school district to about $6,650; $5,988 and $41,717, respectively.
The tax millage rates for Lansdale, Montgomery County and North Penn are: 3.5, 3.152 and 21.9564. A mill is equal to $1 per $1,000 of assessed value.