KENAI -- A dispute over the value of the Kenai Peninsula's Tesoro refinery is over.

The Peninsula Clarion reports that borough officials have signed off on a five-year agreement that sets annual values for property tax assessments on the Tesoro refinery, the single most valuable property in the area.

The borough had the refinery appraised at $303 million, but Tesoro disagreed with that figure and appealed the assessment. The company brought in its own appraiser and set the value at $128 million.

The board of equalization decided to set the value at $143 million. That number is being used as a benchmark in a simplified tax assessment formula.