New Castle News
NEW CASTLE —
New Castle City Council has approved compromise settlements to reduce the assessments on five properties.
The settlements reduce the total assessed value from $739,700 to $322,400 on the properties, all of which are owned by attorney Paul Lynch.
Councilman Thomas Smith voted against the reductions Thursday.
Lynch appealed the assessed values established by the Lawrence County Board of Assessment Appeals to common pleas court.
The three taxing bodies — the county, city and the New Castle Area School District — agreed to assessed values that are close to the purchase price of the properties, according to the county’s chief assessor J.R. Hardester.
The five properties are:
•539 S. Cascade St., the former C. Fassinger and Sons Manufacturing Co., from the $82,400 assessed value to $39,900
•The former Hudson Lunch building on East Washington Street, from $214,900 to $100,000
•108 Croton Avenue, from $73,700 to $27,500
•The former Bailey’s truck garage and restaurant on Butler Avenue, from $118,700 to $60,000
•The former post office on Kennedy Square, from $250,000 to $95,000
The school board and county commissioners also must approve the settlement.