COLONIE — The owners of Colonie Center are challenging the town’s most recent tax assessment, claiming the mall is worth less than $4 million when it comes to calculating local property taxes.
Lawyers for the mall’s Los Angeles owners, Pacific Retail Capital Partners, filed a lawsuit against the town of Colonie’s assessor’s office last week, arguing the town’s $39.5 million property tax assessment is wildly overvalued. The suit was filed Friday in state Supreme Court in Albany.
The mall argues the tax assessment should be just one-tenth of that amount, or $3.9 million…