Atlantic City could owe Borgata $48M tax refund - FOX 26 News | MyFoxHouston

Atlantic City could owe Borgata $48M tax refund

Posted: Updated:
Borgata Hotel Casino & Spa (PRNewsFoto/Borgata Hotel Casino & Spa) Borgata Hotel Casino & Spa (PRNewsFoto/Borgata Hotel Casino & Spa)

ATLANTIC CITY, N.J. (AP) - Atlantic City's top casino could be in line for a $48 million tax refund after beating the city in a tax court dispute over the gambling hall's true value.

Ruling in favor of the Borgata Hotel Casino and Spa, a tax court judge found the city had overvalued the casino by 2 ½ times its real worth in 2009 and 2010.

The Press of Atlantic City reports the casino could be due at least $48 million, not counting interest.

The Borgata has been paying $58 million a year in property taxes, a significant part of Atlantic City's $249 million budget.

The city plans to appeal, calling the ruling "grossly unfair" to taxpayers. But the casino hailed the ruling, which cited the declining casino market in Atlantic City.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • LocalMore>>

  • Things get heated with prosecutors and defense In Barajas trial

    Things get heated with prosecutors and defense In Barajas trial

    Friday, August 22 2014 5:23 PM EDT2014-08-22 21:23:34 GMT
    Prosecutors continue to present their case that it was David Barajas who shot the driver who killed his children back in December of 2012.Fox 26's Ashley Johnson covered day four of this case in Angleton.Today the investigator who collected all swabs and DNA samples from that deadly night took the stand.He was questioned for hours from both sides. The defense alluded to the fact he failed to do an efficient investigation by not collecting certain pieces of evidence from the scene.( Now from c...
    Prosecutors continue to present their case that it was David Barajas who shot the driver who killed his children back in December of 2012.Fox 26's Ashley Johnson covered day four of this case in Angleton.Today the investigator who collected all swabs and DNA samples from that deadly night took the stand.He was questioned for hours from both sides. The defense alluded to the fact he failed to do an efficient investigation by not collecting certain pieces of evidence from the scene.( Now from c...
  • Mayor Parker proposes less rewarding pension for incoming Houston firefighters

    Mayor Parker proposes less rewarding pension for incoming Houston firefighters

    Friday, August 22 2014 3:27 PM EDT2014-08-22 19:27:14 GMT
    While never a path to big time prosperity, the career of firefighting in Houston is about to get a lot less lucrative over the long run.
    While never a path to big time prosperity, the career of firefighting in Houston is about to get a lot less lucrative over the long run.
  • NRG Astrodome survey results released

    NRG Astrodome survey results released

    Friday, August 22 2014 1:23 PM EDT2014-08-22 17:23:01 GMT
    The results of a survey commissioned by the Houston Texans and the Houston Livestock Show and Rodeo could decide the ultimate fate of the NRG Astrodome.
    The results of a survey commissioned by the Houston Texans and the Houston Livestock Show and Rodeo could decide the ultimate fate of the NRG Astrodome.
Powered by WorldNow

KRIV FOX 26
4261 Southwest Freeway
Houston, TX 77027

Phone: (713) 479-2801
Fax: (713) 479-2859

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices