ROCKLAND, Maine — A city board unanimously rejected Tuesday night a request by Ocean State Job Lot for a $2.7 million reduction in its property valuation.

The Rockland Board of Assessment Review voted 3-0 against the request after a three-hour meeting, Rockland Assessor Dennis Reed said. If granted, the lower assessment would have cut the regional retailer’s annual property tax bill by more than $55,000.

Ocean State filed the request for an abatement in January, claiming that the assessment on the property should match the price paid for the property in December 2013. Ocean State Job Lot paid Wal-Mart $3,125,000 for the 94,000-square-foot commercial building located on 10.5 acres along Route 1 in Rockland at the Rockport town line.

Ocean State Job Lot opened its Rockland store in March 2014.

The retail store occupies 40,000 square feet of the building. Ocean State also leases about 10,000 square feet of space to The Dollar Tree Store, which opened earlier this year.

Reed assessed the property owned by Ocean State at $5,885,200. That is $2,760,200 more than the purchase price.

Attorney Timothy Woodcock of Bangor represented Ocean State. A telephone message was left with Woodcock on Wednesday morning but was not immediately returned.

The company has 60 days to file an appeal either in court or with the Maine Board of Property Tax Review.

Wal-Mart also had sought a property tax abatement that would have cut its tax by $105,000 for the final year it owned the property but withdrew its appeal in May just before the state board was to hear the case.

Wal-Mart sold the property after it relocated in October 2013 to a larger supercenter it built about 3 miles south on Route 1 in neighboring Thomaston. Wal-Mart placed a series of conditions on that sale, restricting what can be located in the building.

Those restrictions — which run for 25 years from the sale date — prohibit the property from being used for a supermarket larger than 35,000 square feet, a discount store of more than 50,000 square feet, a discount pharmacy, gambling operations, adult entertainment activities including the sale of sexually explicit videos or books, massage parlors or escort services.