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.