Chase Manhattan Bank, N.A. will pay 35% less in Town of Owego property taxes on their Owego branch office property at the corner of Front and Lake Streets.

The bank filed a lawsuit against the Town of Owego for a reduction in the property's tax assessment for the years 1996 and 1997.

The bank and town have agreed to an out-of-court settlement. The property's assessment was reduced from $50,000 to $32,500. No refunds will be made for 1996 and 1997.

The Owego Town Board accepted the agreement at their December 15, 1997, meeting.