Amherst agrees to slash value of Boulevard Mall by 59%

The Town of Amherst has lowered the value of the Boulevard Mall by 59% to settle a challenge brought by property owner Douglas Jemal and to reflect the mall's weakened financial position.

Town Assessor David C. Marrano has agreed to reduce the mall's fair market value to $13.48 million, from its current value of $32.97 million, for the 2021-22 tax year, said Peter Allen Weinmann, Jemal's attorney. The mall's assessed value for tax purposes would fall from $30 million to $11.9 million.

As part of the settlement, Jemal agreed to drop its challenge of the mall's value for the 2020-21 tax year, Weinmann said. Because Jemal is not seeking a refund of property taxes previously paid, the Amherst Town Board and Sweet Home School Board do not have to approve the settlement.