The owner of a Tamaqua apartment building will spend less in school district property tax.

Bank on Broad Associates, which owns the Berwick House apartment building at 35 W. Broad St., has won a property tax reduction that reduced its assessment to $81,774 from $121,980.

That means the organization will pay $3,258 annually in property tax to the Tamaqua Area School District - $1,602 less than the $4,860 it paid before the assessment settlement.

Schuylkill County commissioners on Wednesday signed off on the agreement.

The assessment appeal was initiated by the school district. After extensive negotiations, and based upon the affected taxing district’s review of comparable sales and expert appraisal opinion obtained by the assessed owners, the parties agreed to a fair market value for the building of $254,750, effective as of Jan. 1.

The building was last sold on Sept. 30, 2020, by Berwick House Associates Ltd. to Bank on Broad Associates for $380,000, according to county property records.

Built in 1920, the four-story building has 13 apartments.

Last year, Bank on Broad launched a $5.7 million renovation and restoration project that includes upgrading the apartments and modernizing the elevator, HVAC system and roof. The project also will rehabilitate four apartments in nearby long-vacant buildings.