Property taxes for Nissan will double to nearly $7 million
Wednesday, July 9, 2014 1:00 PM
CANTON - The Nissan plant here has a valuation greater than 23 counties in the state and its taxes to the county are roughly doubling from from 2013 to 2014, Tax Assessor Gerald Barber told supervisors Monday as he unveiled the latest certified tax roll.
The Payment In Lieu of Tax (PILOT) agreement, coupled with property taxes, is expected to generate $6.8 million to the county. Last year, the PILOT generated $3.65 million in taxes, enough for the county to service debt from the site and the remainder going to public schools.
The $2 billion manufacturing plant's 10-year exemption expired at the end of 2013 for original equipment, but expansions and additions over the years still qualify for a PILOT agreement on that property.
"Madison County in general has gotten no money from Nissan," Barber said, noting an amendment to the PILOT agreement generated enough to satisfy the county's debt service. "Schools are a different situation."
The addition of more of Nissan's property to the tax roll was one of many events Barber said caused the county to have a "bellwether" year.
He said it was fascinating that the value of the plant is higher than total property values for 23 counties in the state.
"We had a 4.5 percent growth in Madison County in value this last year," he said. "The 4.5 percent is significant - that's real growth."
The total valuation rose from $1.319 billion in 2013 to $1.501 billion in 2014.
Real property increased 4.4 percent, personal property increased 4.7 percent, and automobiles/mobile homes rose 5.7 percent. There was a slight 0.2 percent decrease for utilities.
"Our growth is mainly new growth and Nissan coming on the tax roll," he said.
Chief Appraiser Norman Cannady said there were thousands of sales throughout the year, especially in terms of residential property.
"We've had a lot of residential growth countywide," he said, noting they were back to residential construction figures from seven years ago.
He added "We had a good bit of commercial, too."
Barber said last year was the biggest growth in homestead exemptions ever, and altogether, a fantastic year for Madison County.
A date of equalization has been set for Aug. 4 for owners wanting to dispute values.
The tax tolls are now online at www.madison-co.com on the Tax Assessor page.