A tentative agreement establishing a repayment scheduled for the approximate $19.8 million refund of property tax dollars owed to the owners of Southlake Mall stemming from a settlement over its property tax assessment has been reached.
Seven local taxing bodies are on the hook for the property tax assessment refunds from 2011 through 2014 following a 2021 ruling by the Indiana Supreme Court in favor of Southlake Mall in a property tax assessment case that wound its way through the courts for two years.Friday all of the parties involved filed a joint stipulation and motion to vacate hearings and stay proceedings ahead of a scheduled Tuesday hearing in the suit filed by city of Hobart and Merrillville Community School Corp.
The Indiana Supreme Court had ruled that, for tax year 2014, the Ross Township Assessor increased the tax assessment for Southlake Mall, located in Hobart, and “more than double” the property-tax assessments for tax years 2011, 2012, and 2014, according to the decision. Lake County owes $1,409,059; Ross Township owes $367,546; the city of Hobart owes $9.436,305; Merrillville schools owe $7,691,047; the Lake County Library owes $687,288 and the Lake County Solid Waste Management District owes $188,867.
The city of Hobart and the Merrillville school corporation will be hit the hardest. Hobart will see an estimated reduction of $3,816,482 in December and June and $1,803,342 in December 2023, while MCSC will see an estimated reduction of $3,110,618 in December and June and $1,469,811 in December 2023, according to court documents.
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