IRON MOUNTAIN — Taxable values will be reduced by 28 percent for O’Reilly Auto Parts and by 26 percent for Thomas Theatre Group under settlements reached in property tax appeals filed with the Michigan Tax Tribunal.

The taxable value for O’Reilly’s store in Iron Mountain will drop from $692,500 to $500,000 for 2018, state tax documents show.

Thomas Theatre, owner of Tri-City Cinema 8 in Quinnesec, will see its 2018 taxable value drop from $1,086,600 to $800,000. The proposed 2019 value was $1,125,600 and that will also drop to $800,000.

The adjustments, as in past settlements, will cost local taxing units thousands of dollars in revenues.

The county budget will lose $1,200 in annual tax collections from the auto parts store and $1,800 from the cinema, according to Sid Bray, Dickinson County equalization director.

The two appeals were among 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. Cases remaining to be settled are from Kingsford Broach & Tool; Orion Properties, owners of Freeman Nursing and Rehabilitation Center in Kingsford; and Niagara Development, which operates a private landfill in Breitung Township.

In February, a settlement reached with the owner of the Kmart Plaza complex in Iron Mountain reduced the taxable value of the property by 40 percent. S & S Shopping Center Ltd. saw 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.

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.

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 Breitung Township, 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.