The city of Madison has reached a tentative agreement with the owners of East Towne and West Towne malls that will give the owners a $318,000 tax refund, according to a report from the Wisconsin State Journal. The deal settles a lawsuit filed in Dane County Circuit Court by Madison Joint Venture LLC stating the city assessments on the mall properties were too high for the years 2019 and 2020.
The settlement reduces East Towne’s value from $63.72 million to $63.2 million for 2019 and from $63.72 million to $62.4 million in 2020. It would reduce West Towne’s value from $88.9 million to $85.23 million in 2019, and from $88.9 million to $80.28 million in 2020.
