Local mall tax assessment is dropped dramatically

The Wyoming Valley Mall’s real estate tax assessment has plunged from $68.7 million to $13.6 million through negotiations with taxing bodies in a court-level appeal, records show. According to reports, Attorneys involved in the case say the new assessment reflects a nationwide value drop in many traditional shopping malls. The dramatic reduction knocked the Wilkes-Barre Township mall from its ranking among the top five highest commercial real estate taxpayers countywide Mall owner Wyoming Valley Realty Holding LLC will pay a total $375,201 in real estate taxes under current rates, which is a reduction of $1.5 million, analysis shows. It's also reported that during settlement negotiations it was discovered that Macy's plans to close it's anchor store.