ATLANTIC CITY, N.J. (AP) - Atlantic City's top casino could be in line for a $48 million tax refund after beating the city in a tax court dispute over the gambling hall's true value.
Ruling in favor of the Borgata Hotel Casino and Spa, a tax court judge found the city had overvalued the casino by 2 ½ times its real worth in 2009 and 2010.
The Press of Atlantic City reports the casino could be due at least $48 million, not counting interest.
The Borgata has been paying $58 million a year in property taxes, a significant part of Atlantic City's $249 million budget.
The city plans to appeal, calling the ruling "grossly unfair" to taxpayers. But the casino hailed the ruling, which cited the declining casino market in Atlantic City.
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