A cabin at lake’s edge at the Bahre estate known as Longview features a fieldstone fireplace and fine woodwork.

ALTON — The town of Alton’s largest taxpayers — Robert and Sandra Bahre, and their son, Gary — who collectively own property known as “Longview” have signed an agreement with the town settling their 2017 property tax appeal.

Robert Bahre is the founder of and former owner of New Hampshire International Speedway.

The Bahres will receive a refund of $61,181 plus statutory six percent interest compounded from the date it was originally paid until the municipality cuts a check.

Under the terms of the agreement that was approved by a judge on Oct. 29, the town will lower the assessment at 144 Hopewell Road to $9.5 million a reduction of $2,690,200 resulting in a tax refund of $34,596. The agreement revises the 2017 assessment for 142 Hopewell Road to $8,852,800 resulting in a $26,585 tax rebate.

The parties additionally agreed that the aggregate assessments for the properties will remain the same for the 2018 tax year. The agreement details that the settlement is entered into in good faith to resolve pending and threatened litigation but does not represent an admission by either side as to the proper value of the property under state law.

The terms of the settlement detail that the Bahres have pledged not to pursue litigation for tax years 2017 or 2018 as long as the town complies with the agreement and makes payment within 45 days. If the agreement is breached, the non-breaching party may pursue any remedy available, including further litigation.

The Bahres filed suit in Belknap County Superior Court on Aug. 31 arguing in part that the $20,780,400 assessment for the Hopewell Road properties was excessive and disproportionate.

The two homes and a post and beam barn built to entertain NASCAR’s elite remain on the market at a price that has been reduced to $17.8 million. The property with extensive frontage on Lake Winnipesaukee is the former home of Camp Alton. Robert Bahre had originally listed the property for sale at $49 million.

According to the tax abatement appeal, the real estate broker marketing the property said the biggest obstacle to selling the property was the tax bill.