The owner of downtown Hartford’s One Corporate Plaza — the “Stilts Building” — is suing the city of Hartford over the city’s denial of its appeal for lower property taxes on the 20 Church St. skyscraper, court papers show.
The owner of downtown Hartford's One Corporate Plaza — the “Stilts Building'' — is suing the city of Hartford over the city's denial of its appeal for lower property taxes on the 20 Church St. skyscraper, court papers show.
New York's Shelbourne Global Solutions LLC, one of Hartford's newest and most active landlords, is suing the city in New Britain Superior Court after the city's board of assessment appeals turned down its challenge on March 7, the lawsuit states.
Shelbourne was among owners of more than 1,000 properties in the city whose appeals of their 2016 property assessments were rejected. That means many downtown Hartford commercial landlords — already concerned about the city's exorbitant 74.29 mill rate — are likely to experience a significant property-tax hike, as the value of the city's real estate, personal property and automobiles climbed about 10 percent this year as a result of an Oct. 2016 revaluation.
According to its suit, Shelbourne said its 23-story building received a fair market value of $46.7 million, which was a 135 percent increase from the city's previous $18.9 million valuation in 2011.
Based on Hartford's tax formula for assessing properties at 70 percent of fair-market value, Stilts' assessed value as of Oct. 1, 2016 was $32.7 million the suit says.
Shelbourne argues the city used faulty reasoning in setting the assessment and for denying its appeal and that the valuation was “grossly excessive, disproportionate and unlawful.” A city hall spokesman declined to comment about the suit.
In 2014, Shelbourne led a $45 million recapitalization of the Stilts, acquiring a 95 percent stake at the time. Shelbourne said the assessment-appeals board held firm even after the landlord offered to be sworn and answer all questions about 20 Church St. Shelbourne owns other downtown office buildings, among them Metro Center, acquired last December for $49 million; and 100 Pearl St., bought in 2015 for nearly $37 million. Court records don't show any Shelbourne legal challenges on the city's assessments of those buildings.
– Gregory Seay
