The appeals regarding the Northshore Mall were tried before the Appellate Tax Board in the spring of 2002. Simon Property Group acquired the mall in August 1999 as part of a $1.7-billion acquisition of 14 of New England Development's regional and super-regional malls in Massachusetts and Southern New Hampshire. At the time, the transaction was the largest acquisition of mall properties in New England and one of the largest ever in the US.

"The board's finding is of both local and national importance in that it is rare for a super-regional mall tax appeal to come before a state tax tribunal. Moreover, it is the board's first written finding for a super-regional mall property in over 20 years, notes John Lynch, managing partner at the Boston law firm of Lynch, DeSimone & Nylen, LLP. Lynch, along with his partner Stephen W. DeCourcey, represented the Peabody Board of Assessors.

The board ruled that no money will be refunded and the assessed valuations for the Northshore Mall would remain intact for each of the years in question. Simon Property Group was seeking tax refunds and statutory interest from Peabody that added up to approximately $6.1 million.