Waterford – The town has agreed to refund approximately $270,000 in taxes to Crystal Mall following a reduced assessed value agreed upon in court by the mall and the town.

In 2013, Crystal Mall, LLC appealed the 2012 assessed values of a portion of land and buildings on the mall property in New London Superior Court.

First Selectman Daniel Steward said the refund does not reflect a significant impact to revenue. Finance Director Maryanna Stevens said the refund would not impact the tax rate for the 2015-16 fiscal year.

The original assessed value of the property was $53.2 million, according to the June 5 stipulation for judgment in the appeal. The reduced assessed value is now $48.3 million. Assessed value is equal to 70 percent of a property's fair market value, and is used to calculate property taxes.

The new assessed value is based on assessments by an assessor hired by the mall and another assessor hired by the town, according to Town Attorney Robert Avena. He called the value a “meeting of the minds” between the town and the mall.

The mall's appeal disputed assessed values of parcels that include the main mall and land underlying restaurants Olive Garden and LongHorn Steakhouse. The appeal excluded the properties of department stores Macy's, J.C. Penny and Sears, and also excludes the buildings that contain Olive Garden and LongHorn.

t.townsend@theday.com

Twitter: @ConnecticuTess