Million dollar property tax dispute goes before county board

DAYTON, Ohio (WDTN) - A property tax dispute concerning the former GM Truck Assembly Plant in Moraine finally went before a Montgomery County board today. This is a story 2 NEWS On Assignment first told you about in May. At stake are hundreds of thousands of dollars two Dayton area school districts have come to rely on annually.

Industrial Realty Group, also known as IRG, believes the real estate which it now owns is worth $4 million, though it paid more than $6 million for it. IRG argues the $2 million difference is the value of the items that came with the structure, parts of a conveyor system for instance, and thus should not be used in figuring out the appropriate property tax.

Last year Montgomery County assessed the property at more than $27 million.

Present at today's hearing were board members, an outside assessor, IRG Moraine managing member Chris Semarjian, his attorneys, and an attorney representing Kettering and West Carrollton boards of education.

The three-member Board of Revision told the parties involved it plans to decide within 90 days the value it believes the former GM property is worth and will contact them by certified mail.

If the parties aren't satisfied with the board's decision they can appeal to a state tax board or take matter to court.

During the tax hearing Semarjian revealed he expects IRG will announce in the next 30 days a second tenant for the old GM plant.  The first tenant, WCR Inc.of Dayton, signed an agreement to lease 60,000 square feet and bring 20 to 25 jobs to the plant.  Semarjian said WCR has yet to move in.