The owner of Tyrone Square Mall in St. Petersburg is suing the Pinellas County Property Appraiser for assessing too high of a value on its retail property.
In 2016, the Pinellas County Property Appraiser assessed that Tyrone Square Mall was valued at $125 million, leading to a $2.7 million property tax bill. Simon Property Group, the national mall owner and developer company, paid the tax bill in full in November 2016, the recently filed suit says. But Simon claims in the suit that the $125 million valuation is "excessive" and is beyond the mall's overall market value. Simon wants a new bill issued based on a second evaluation.
According to property appraiser records, the value of Tyrone Square Mall has risen from $69.9 million in 1996 to $125 million in 2016. Some of the mall's anchoring retailers, like Sears and Dillard's, own their own parcels. The Sears department store space is currently being redeveloped into a Lucky's Market grocery store, Dick's Sporting Goods and a Petsmart.
It's not uncommon for land owners and developers of large scale commercial projects like a mall, strip center or office park to challenge a property appraiser in court over their tax bills.