Thursday, Feb. 28, 2002 | 9:45 a.m.
Owners of the Fashion Outlet shopping center in Primm on Wednesday convinced members of the Clark County Board of Equalization to lower the taxable value of their property by about $3.9 million.
County assessors had set the value at about $55 million, but shopping center representatives argued they had only paid $45 million for the property in 2000 and on Wednesday presented the necessary documents to prove it.
"We assumed that this was common knowledge, but found out at the 11th hour that it wasn't," said Greg Gordon, an attorney representing the owners.
Board members accepted the information, but tacked on an additional $5.465 million for the land value because the sale price did not include the land, which is leased from the Primm family.
Shopping center officials said they were struggling to make their property profitable and said 35 percent of the stores were vacant.
"We're a work in progress," said Fred Spitz, vice president of operations for Florida-based Talisman Companies. "But I don't want to plead Sept. 11, because I get that from my tenants all the time."
Board members, who decide on appeals of the taxable property values set by the county assessor's office, were to continue hearings today.