Tax assessment sets value at $3,055,200 as of 2011/2012 and is over-assessed

Since the appraisal sets value of $2 million one would assume OPA has an excellent opportunity to have the tax assessment lowered by as much as $1 million. This was mentioned at a board meeting and the board appears to be taking the position that since Seacrets pays the tax amount as a part of the parking lease then Seacrets should be the entity to seek an assessment reduction.

The board thinking here seems convoluted as it is in OPA's best interest, as owners of the property, to have the assessment as low as possible for real estate tax purposes. Making the the current board thinking even more confusing is that some board members use the tax payment by Seacrets to hype the total paid by Seacrets for use of the parking area as "income," but that amount is potentially over-inflated by possibly $10,000 if OPA obtained a tax reduction based on the appraised value. Also, still up in the air, is whether OPA will need to pay back any future IRS taxes on the income from Seacrets.