ROTTERDAM — The owners of the Rotterdam Square mall may have scored a $7.5 million reduction in their property assessment, but they won’t get a refund.

Town and Schalmont Central School District officials approved a settlement with Macerich Co., the mall’s California-based owner, setting the value of the West Campbell Road property at $30 million between 2008 and 2010. The settlement will cover six years of tax litigation filed by Macerich and Wilmorite, the mall’s previous owner.

The terms of the agreement stipulate a reduction in the 2006 assessment that would give Macerich a $291,364 refund. This amount is balanced out by the company agreeing to end its dispute of the property’s $37.5 million assessment in 2007, meaning no refund is due.

The property can be reassessed starting in 2010, according to the settlement, which covers tax grievances from 2001 to 2007. However, the assessment can be adjusted before that if the company builds or demolishes anything on the property.

“It was a fair negotiation, “ said Rotterdam Supervisor Steve Tommasone after the Town Board accepted the settlement Wednesday. “The town worked very hard to not have any negative impact.”

Likewise, school officials were content with the settlement, which won’t require them to pay out a large refund. Schalmont Board of Education Chairman Michael Della Villa said the settlement absolves the district from facing what could have amounted to a million-dollar refund to Macerich.

“We are very pleased with the settlement,” he said of the deal, which was approved by the school board earlier this month. “It shows that we have a corporate resident that is willing to work with us.”

The agreement is in stark contrast to one nearly a decade ago, when Wilmorite secured a big refund from the town and school district. In 2000, a judge ruled the town and Schalmont owed the company more than $400,000 in back taxes, after the mall’s 1998 assessment was found to be excessive.

The reduction came just months after Schalmont and the town reached a settlement on the mall’s assessment in 1997 and 1999. The deal refunded more than $1 million to Wilmorite, half of which came from the school district.

Wilmortie’s holdings in Rotterdam and Wilton in Saratoga County were purchased by Macerich in December 2004, along with nine other regional malls. Macerich bought the properties for $2.3 billion, including the assumption of $882 million in debt.

Attempts to contact David Rowley, an Albany attorney representing Macerich in the settlement, were unsuccessful Thursday.

Last year, Macerich contended the Rotterdam Square mall’s value of $37.5 million was roughly $2.5 million too high. At the time, town officials said the grievance was perplexing because a court-ready appraisal of the property determined the assessment was fair.

Town and school officials indicated they were facing significant liability from the pending mall grievance. Della Villa said the school liability alone was more than $1 million for the six years the company had grieved.

“It’s a win-win situation,” he said of the settlement.