From staff reports

Property taxes owed for 2007 by owners of the defunct Inn of Vicksburg will be nearly $60,000 less than originally assessed, according to a settlement reached last week.

Terms reached before a trial was to begin Oct. 20 in Warren County Circuit Court will put the assessment at $10.5 million, less than the $13 million originally stipulated by the Warren County Assessor’s Office. The resulting tax liability for 2007 is now $188,716.50, down from $248,565.03, Tax Assessor Richard Holland said this morning.

Suits over its 2005 and 2006 taxes also resulted in settlements that reduced its taxes. The Hampton Inn and Suites was completed in 2006 on the site at 3330 Clay St. formerly occupied by the Inn and, previously, the Hotel Vicksburg.