August 17, 2005 – The upstate New York town of Greece has decided to pursue litigation against Kodak seeking back taxes in the wake of a scheme to artificially lower the value of Kodak’s property in the area.
The official decision to file suit was decided by a vote of the Town Board yesterday, as it deals with revelations that the town’s former assessor and two former employees of Kodak were involved in the land value fixing scheme. The three are facing federal charges for their involvement in the scheme. Prosecutors allege that the town’s former assessor artificially deflated the value of Kodak’s 8 million square feet of property in return for kickbacks from the former Kodak employees.
Greece officials say that the scheme cost the town about $4 million in property taxes. The value of Kodak’s property in Greece is currently assessed at $95.2, according to the town’s assesment review board.
