Nov. 7 — To the Editor:
In December 2012 the Frank Jones Center sold for $6,500,000. From 2015 through 2018 the City of Portsmouth assessed the property for under $3,360,000. The land was valued at $1,412,000 in 2018.
On Nov. 2, the Herald reported the property was sold for $14,250,000. The buyer has no interest in the buildings or business of Frank Jones. It just wants the land to build 310 apartments and commercial stores. This is 10 times the value of the City’s assessment. The difference in lost tax revenue is being made up with higher property taxes for home owners in Portsmouth.
The City will soon be dealing with Eversource’s application for a $3,500,000 tax rebate, based upon the declining value of its Schiller plant. Ask yourself, will it be Portsmouth home owners picking up that tab while commercial property continues to have a free ride? It will be if you ignore this issue.