IRON MOUNTAIN — A settlement reached in a property tax appeal filed by the owners of the Kmart Plaza complex in Iron Mountain will reduce the taxable value of the property by 40 percent, the Dickinson County Board was told Monday.

Sid Bray, equalization director, said the annual tax loss to the county budget is estimated at $9,500. The city of Iron Mountain will see a tax loss of about $32,100, he said.

S & S Shopping Center Ltd. will see the taxable value of its four parcels drop to $2.3 million, a reduction of nearly $1.55 million. The plaza encompasses all of the buildings in the L-shaped complex near the city’s east end, including Tractor Supply and the empty former Kmart store.

The S & S appeal was one of six the Michigan Tax Tribunal received in 2018 from Dickinson County property owners, including two each in Iron Mountain and Kingsford and two in Breitung Township. The five cases remaining to be settled are from Kingsford Broach & Tool; Orion Properties, owners of Freeman Nursing and Rehabilitation Center in Kingsford; Niagara Development, which operates a private landfill in Breitung Township; Thomas Theatre Group Inc., owners of Tri-City Cinema 8 in Quinnesec; and O’Reilly Auto in Iron Mountain.

Iron Mountain reached settlements in four cases in 2017, reducing taxable values for MJ Electric, We Energies, Pine Grove Country Club and Pizza Hut owner Northfield Restaurant Corp. Together, the appeals cut revenues for city government by nearly $34,000 and county tax revenues by $16,000.

Those settlements followed reductions won earlier by two major industries in the county. Verso Corp. received a 61 percent reduction for its pulp and paper mill in Quinnesec, slashing the taxable value from $28.1 million to $11 million. Systems Control of Iron Mountain achieved a 62 percent reduction on the taxable value of its East Industrial Drive complex, slicing it from $10.3 million down to $3.9 million.

Jim Anderson can be reached at 906-774-3500, ext. 26, or janderson@ironmountaindailynews.com.