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Virginia Beach, Va., developer claims city's property assessment is too high.
Byline: Marisa Taylor
Nov. 5--VIRGINIA BEACH, Va. -- The developer of Town Center is challenging the city's property assessment of $55.9 million in office space at two buildings.
The appeal to the Board of Equalization contests the city's $41.1 million assessment of a portion of the 23-story Armada Hoffler Tower.
A consultant hired by Armada Hoffler argues that the assessment should be $35.8 million.
The city's assessment would require the developers to pay $726,700 in taxes. If Armada Hoffler succeeds in reducing the assessment, the firm would pay $93,400 less.
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