Giants to get $6 million from San Francisco in refund
SAN FRANCISCO -- City officials will refund the San Francisco Giants $6 million in property taxes after a ruling established the baseball team's stadium had been overvalued.
San Francisco Assessor Phil Ting announced the settlement Wednesday, explaining that the city's Assessment Appeals Board ruling could have forced the city to reimburse the team up to $9.6 million for overpaid property taxes.
The team agreed to the smaller amount to avoid further litigation, Ting said.
The stadium opened in 2000. According to the team, it was worth $200 million from 2001 to 2003, $180 million in 2004 and $160 million by 2006.
The city had argued the property was valued at $331 million in 2001, and increased in worth to $365 million in 2006.
The settlement placed the ballpark's value at $275 million in 2001, and down to $240 million by 2006. That estimation lowered the amount of taxes the Giants should have paid during that period.
Copyright 2006 by The Associated Press