Appraiser sets value of Porter Regional Hospital at $244.5M
BY AMY LAVALLEY Post-Tribune correspondent October 9, 2013 5:32PM
Updated: November 11, 2013 12:25PM
VALPARAISO — An independent appraiser has determined that Porter Regional Hospital, at Indiana 49 and U.S. 6 in Liberty Township, has an appraised value of $244.5 million.
Porter County Assessor Jon Snyder said Wednesday he wasn’t surprised by the amount, which was about what he thought it would be.
The notice of assessment was sent to hospital officials via certified mail on Monday. They have 45 days from that date to appeal, Snyder said.
The appraisal process hit a snag earlier this year when hospital officials declined to turn over the documents needed for the appraisal. After Snyder took the hospital to court, hospital officials cooperated and the appraisal moved forward.
Still, the contents of the appraisal, which clocks in at 350 pages, have been sealed by an order from Porter Circuit Court because of the report’s confidential nature, Snyder said.
“I’m glad it’s done,” he said.
Hospital officials, who received the appraisal Tuesday, declined to comment.
The hospital opened in late August last year. The county already is in dispute with the hospital over whether 10-year tax abatement on the facility should have started March 1, 2012, before it opened, as hospital officials would prefer, or on March 1 this year, which is the preference of the county.
Snyder has said the hospital had an assessed valuation of about $34 million on March 1, 2012, when it was 90 percent complete.
County Auditor Bob Wichlinski, who is still making his way through the lengthy appraisal document, said he would get the hospital’s assessed valuation from Snyder and go to the council about the start of the tax abatement.
“Whatever the answer is,” Snyder said, “it’s going to cost one party or the other millions of dollars.”