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Citicorp land sale yields tax windfall to county

January 27, 2003|by JULIE E. GREENE

Citicorp Credit Services' landlord recently sold the property to another company, generating almost $500,000 in tax revenue for Washington County, county Treasurer Todd Hershey said.

Bank State Street & Trust Co. sold the 61 acres and three buildings that house Citicorp Credit Services north of Hagerstown to 254 Hagerstown LLC of Bellmore, N.Y., on Dec. 20, 2002, for $64.4 million, according to property records in Washington County Circuit Court.

The sale won't affect Citicorp operations, Citicorp spokesman Phil Kelly said.

The recordation tax for the land sale was $489,782, of which 95 percent, or $465,293, goes to Washington County, Chief Deputy Clerk Rick Hemphill said.

The remainder of that tax plus $25 in fees and $322,223 from a transfer tax goes to the state, officials said.

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Citicorp officials did not know who runs 254 Hagerstown LLC.

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