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Virginia Beach, Va., developer claims city's property assessment is too high.

The Virginian-Pilot (Norfolk, VA)

| November 05, 2004 | COPYRIGHT 2004 The Virginian-Pilot. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

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.

Armada Hoffler also is questioning the city's $14.8 million ...

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