The dispute centers on a 411-acre parcel that Greenwood bought for $56.9 million in 1990, according to a court document.
After Greenwood built Parx Casino, the Bucks County Board of Assessment Appeals increased the assessment of that property to $42.7 million from $11.8 million, a court filing says. After an initial appeal, the board dropped the assessment slightly, to $40.5 million in 2011.
That's when Greenwood subsidiaries Keystone Turf Club Inc. and Bensalem Racing Association Inc. appealed to the Court of Common Pleas.
The companies argued in their 2011 lawsuit that the contested property's assessment should be $30.3 million. That would cut the company's annual real-estate tax by about $1.9 million, or about 19 percent, a year.
The Bensalem Township School District said in its bond prospectus that it expected the Parx tax appeal to be resolved in the next 18 months.
Carrie Nork Minelli, Parx's spokeswoman, said Parx does not comment on matters in litigation.
Even without the property tax, Parx, as the most lucrative slots operator in the state, is a major financial contributor to Bensalem Township, which collected $10.94 million in casino taxes in the year ended June 30, down slightly from $11.36 million the year before.
Parx is also a force in charitable giving, accounting for nearly three-quarters of all charitable donations by Pennsylvania casinos. It has donated a total of $36.6 million, including $9.93 million last year, but it has refused to identify all of the beneficiaries.
Parx entities, Greenwood Table Games Services Inc., and Greenwood Gaming Services Co. employ 1,246. That is slightly more than the school district, which had 1,234 employees, according to the bond prospectus.