Billionaire will get a tax refund of about $150,000

 

Written by Bennett J. Loudon

Billionaire Tom Golisano will get a refund of about $150,000 for property taxes paid over four years on a Victor home.

Ontario County Court Judge Frederick Reed decided in Golisano's favor Friday afternoon after a two-day hearing. Golisano sold the 20-room mansion on Malone Road in February.

Golisano was asking to have the assessed value of the home and 36 acres of land reduced to $1,309,500, the price that Golisano sold it for. Reed agreed to that value for one year, but the other years were higher.

WEB EXTRA: Photo Gallery of Golisano house

The town's assessed value for the home ranged from $3.5 million in the 2008-09 tax year, to $2.3 million in the 2011-12 tax year, gradually declining over time. Currently, the assessed value is $1.5 million.

The Paychex Inc. founder continued to pay property taxes even as he challenged the assessments. Golisano's lawyer, Glenn Pezzulo, estimated that Golisano will now get a refund of about $150,000.

 

Gannett