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home : coal city courant : coal city courant August 20, 2014

1/27/2013 8:29:00 AM
Dresden EAV confirmed at $567 million

The Grundy County Board of Review has confirmed the county's assessment of Exelon Generation's Dresden Generating Station.

"This is very good news for our school district," said Dr. Kent Bugg, superintendent of the Unit #1 School District. Around 68 percent of the district's annual property tax revenue is paid by the company.

Exelon had filed an appeal to its 2012 property tax assessment of $567 million and was seeking a $190 million reduction in its equalized assessed value (EAV).

At the center of its argument was the cost of decommissioning which was not considered by the assessor's office in determining the value of the generating station. Exelon was also seeking a fleet credit nearly double what it was given by the assessor's office.

The value of the generating station, for tax purposes, was determined by Grundy County Supervisor of Assessments Dave Henderson based on appraisals presented by the company and a consortium of five impacted taxing districts.

The $567 million assessment is what will be used to calculate the company's property tax bill for 2012, payable in 2013. Based on its current $2.98 tax rate, the Unit #1 School District is expecting to receive more than $16.8 million in property tax revenue.

Although pleased with the decision, Bugg said he expects Exelon will file an appeal with the state's Property Tax Appeals Board (PTAB).

"Therefore, in the upcoming weeks, we will be working very hard to negotiate a long- term tax agreement with Exelon in order to avoid any future tax refunds that could occur through a ruling by PTAB," Bugg said.

The school and six other taxing districts including the Coal City Fire Protection District and Coal City Public Library District are in the final year of a five-year agreement with the company.

The previous agreement set the value of the plant at $475 million with annual increases of $5 million to this year's assessment of $495 million.

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