Building sales will remove millions from county revenue

Building sales will remove millions from county revenue

February 9th, 2011 by Dan Whisenhunt in Local - Breaking News

The recent sale of three large properties in Chattanooga for far less than their assessed value will likely chop $1 to $2 million out of Hamilton County's revenues, Assessor of Property Bill Bennett said this morning.

The sale of the Tennessee Valley Authority office complex on Market Street back to TVA will cost the county $1 million, because TVA does not pay property taxes.

Bennett said the sale of two other buildings - the former BlueCross BlueShield of Tennessee headquarters, known as the Gold Building, and the Chestnut Tower - will also likely cause the county to take a hit in revenue.

The appraised value of the BlueCross building was $19.8 million and it sold for $6.15 million. The Chestnut Tower was appraised at $6.4 and sold for $4 million.

Bennett said the sale of those two buildings could remove another $1 million from the county's revenue stream, and it will likely affect the city's revenue as well, though there's no information available on how much.

For complete details, see tomorrow's Times Free Press.