Southlake Mall Set to Recoup Millions in Tax Overpayments
Southlake Mall in Hobart. (photo courtesy: The Times of Northwest Indiana)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA shopping mall in Hobart is set to recover tens of millions of dollars in tax overpayments after the Indiana Supreme Court ruled in its favor in a dispute over tax assessment. Our partners at The Times of Northwest Indiana report local taxing districts that include Southlake Mall likely will have to pay refunds to the mall’s owners.
In a 5-0 decision, the Indiana Supreme Court ordered the valuation of the mall for property tax purposes restored to the 2010 assessment of approximately $110 million for the 2011-2014 tax years.
The publication says the exact amount of the refunds to be paid by Lake County, Hobart, and the other taxing units due to the overassessment is not yet known.
The case stems from a long-running dispute over the valuation of the property when the Indiana Board of Tax review devised its own valuation of the mall.
The Supreme Court rules both the tax review board and the tax court overstepped their bounds by independently devising and affirming a value for the mall.