The appraised value of the property Earl Martin wants to buy at the former Seneca Army Depot is a far cry from its assessed value.
Michael Egnoto, a professional property appraiser with Syracuse-based Appraisal Research, determined that the 7,234 acres the Seneca County Industrial Development Agency wants to sell to the Fayette businessman is $950,000.
The land’s current assessed value is $26.05 million. Egnoto said the site consists of 13 tax parcels, eight in Romulus and five in Varick. The parcels range in size from 11.6 acres to 1,375.8 acres.
He conducted his appraisal for the IDA last fall. It was made available this week under the Freedom Of Information Act.