A Nesquehoning-based business will see a reduction in its fair market value of two of its properties, per a court stipulation, resulting in less tax revenue coming into the borough, Panther Valley School District and Carbon County.

Per the stipulation of counsel agreement between Ametek Inc., Carbon County, Nesquehoning and Panther Valley School District, the company's two properties in question, which originally were valued at a total of assessed value of $1,333,331, will now total $947,867 for tax year 2015 based on that year's common level ratio factor; and $930,232 for 2016 and beyond.The fair market value for assessment purposes of the two properties is $2 million, down from the $2.8 million it initially had been.That means that for 2015, Carbon County will return $3,871.99 to Ametek; while Panther Valley will lose $22,238; and Nesquehoning, $6,331, according to Kim Steigerwalt, chief assessor in the Carbon County Tax Assessment office.On Thursday, the county commissioners voted to issue the refund for taxes that were already paid on the properties.Ametek Inc., located along Route 54, has been working to appeal the value of two properties since June 2014, saying that the fair market value was too high for the properties.The company initially filed a tax assessment appeal form with the Carbon County Board of Assessment Appeals.A hearing on the matter was held on Oct. 2, 2014, and a decision denying the request was handed down on Nov. 4, 2014.Ametek then appealed the decision to court and the county, school district and borough joined together to obtain a third-party appraisal on the properties.Since then, negotiations have been taking place.Last month, Nesquehoning Borough Council, on the recommendation of solicitor Robert Yurchak, who also represents Panther Valley School District, voted to approve the negotiated assessment.