FRANKLIN
The St. Regis property is assessed at a higher price than it was before the building was torn down. In 2013, when the building was still standing, the land was assessed at $419,000 and the building was valued at $601,700, making a total assessment of $1,020,700. In 2014, after the building was torn down, the property was reassessed at $1,676,000.

Steven Wampler, owner of Wampler-Eanes Appraisal Group, made the reassessment of the property. When asked why the value of the property is so much higher without a building on the land, Commissioner of Revenue Brenda Rickman said that the property is more valuable now that the building is gone, partly due to the poor condition the building was in. She also added that buildings and other pieces of land have sold around the St. Regis property in the past year, making the market go up, as well as the fact that it is in a central location.

The land has a higher potential rate without a building as well, which would explain why the assessment went up so much after the building was demolished.

The owner of the property, David DiPaolo, wants to sell the property for $3 million, even though it is only appraised at $1.6 million. This has resulted in DiPaolo trying to get the property reassessed once again. He could not be reached for comment.

There is also still an ongoing struggle of trying to get the rubbish removed from the property. Director of Community Development Donald E. Goodwin is trying to get the owner to remove the rubbish and clean up the property. Rickman said that DiPaolo still hasn’t moved ahead with this process.