The Martinsville YMCA, which is building a new $28 million facility, recently sold its Starling Avenue property to The Lester Group for $750,000, matching its appraised value.
The YMCA can remain in the building rent-free, but the sale ended the property’s tax-exempt status. Under its agreement with The Lester Group, the YMCA must pay the annual real estate tax bill of $43,680, based on the city’s assessed value of $5.2 million.
YMCA officials say they plan to appeal the assessment, arguing that it far exceeds the property’s appraised value and sale price.
