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Board of Review upholds value of Exelon

Posted: Friday, Feb 8th, 2013

The Ogle County Board of Review sided with local assessors over the value of Exelon’s Byron nuclear generating stations on Tuesday, Feb. 5.

This is the first tax cycle since a four-year deal between Exelon and 12 taxing districts that receive property taxes from the nuclear plant expired. The 2008 deal set the value of the plant’s assessment at $480 million and assessors last year said the plant should be assessed at $499 million.

Assessors set the market value of the plant at $1.5 billion. Assessements are one-third of the market value.

Exelon appealed the assessment, asking the plant be assessed at $284.4 million. The Byron School School appealed as well. With their appraisers they feel the value should be assessed at $731 million.

The Ogle County Board of Review Tuesday sided with the original assessment, ruling the plant should be assessed at $499.2 million.

Both parties can appeal Tuesday’s decision to the state Property Tax Appeal Board, but Tuesday’s decision gives taxing bodies the ability to finalize their budgets. Appeals usually take 2-3 years so Exelon’s 2014 taxes will be based on the Board of Reviews decision.

In 2012, Exelon paid $29.6 million in property taxes on the parcel in question.

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