Foxwoods paid $65 million to acquire the property at Reed and Columbus Blvd. in January, 2005, but hasn’t paid any taxes on the property since the [Philadelphia Board of Revision of Taxes] raised its
market value for the property to $45 million in August 2005.
According to the Philadelphia Revenue Dept., Foxwoods Philadelphia Casino now owes the City $2.8 million in back taxes for 2006 and 2007, making it the third largest corporate tax deadbeat after Amtrak and Septa according to the Top 100 list maintained by Hallwatch.
An appraisal submitted by Foxwoods as part of its appeal suggests that its property may be worth less than zero. Appraiser Eugene Pasymowski offered a range of possible values for the 21 acre site ranging from a low of negative $900,000 to a high of $180,000 or about the value of a typical South Philly row home.