“District 3 Councilor George J. Russell astutely observed during Tuesday’s City Council discussion that if the Midtown Mall is in as bad condition as some of his colleagues have described, he asked why the city is assessing such a property at $3.3 million.
It’s not that Mr. Russell is questioning what his colleagues have to say about the Midtown Mall; rather, he questions the rationale behind the city’s assessment for the property.
Mr. Russell recently brought up other examples as well. He pointed out that the state is going to be selling the former Worcester courthouse complex on Main Street to the city for $1, even though the city’s assessed valuation for the building is $14 million. The state is selling the courthouse to the city for $1 because it couldn’t find a private investor willing to buy it and renovate it.
Mr. Russell also pointed out that the Central Building on Main Street has an assessed valuation of $2.9 million, even though it is vacant and not generating any income at all.”
“District 3 City Councilor George J. Russell has asked the city administration for a report explaining why various properties on Preservation Worcester’s recently released list of endangered properties have such high tax assessments even though many of them are considered functionally obsolete. ”