BANGOR, Maine - A property tax dispute between the city of Bangor and the Hollywood Casino Hotel and Raceway has been settled, but the valuation of the properties in question is still significantly higher than what the casino had sought.
The casino had challenged a 2014 assessment by the city of Bangor that found its establishment and properties were worth an estimated $97.4 million.
The casino said the actual valuation should have been closer to $36 million.
On Thursday, the city announced a settlement that would drop the casino's valuation to $82.5 million for the 2015 assessment year.
Bangor assessor Phil Drew says the casino dropped its challenge of the 2014 assessment, but the city granted the tax abatement in recognition that Hollywood Casino revenues have been impacted by the establishment of the casino in Oxford.
