Two large commercial properties will be paying less in taxes.
The Falls Township Board of Supervisors last month approved appeal settlements for the Sheraton Bucks County Hotel on Oxford Valley Road and the former Bucks County Courier Times printing plan on Geoffrey Drive
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The supervisors approved reducing the assessment for the 15-story Sheraton Bucks County Hotel, which is owned by Ashford Bucks LLC, from $1,200,360 to $750,000.
Prior to the change to the assessment, the hotel paid about $198,500 per year in taxes between the three taxing bodies – Falls Township, the Pennsbury School District, and Bucks County.
The appeal for the Geoffrey Drive printing plant, which was shuttered last year as part of the newspaper’s downsizing, was filed by Gatehouse Media, which recently merged with Gannett. The three taxing authorities agreed to lower the property’s tax assessment from $449,400 to $315,950, which will decrease the tax bill.
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The facility previously paid about $92,910 in taxes between the three taxing authorities.
The shuttered printing plant was sold by the newspaper company to Ag-Eip Two Geoffrey Drive LLC in December 2020 for $3.55 million, according to county property records. The building is currently listed for lease.
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Appeals to assessments and re-assessments are not uncommon and happen when a property owner wants a reevaluation of a property’s value. One of the larger reassessments occurred when the Oxford Valley Mall in Middletown Township had its value lowered in 2019.
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