By Joe Ragusa
BLOOMINGTON – The McLean County Board of Review is considering a possible reduction in the amount of property taxes Mitsubishi will pay on two of its properties in Normal, including its manufacturing plant.
Currently the plant and Mitsubishi’s warehouse facility at 2601 W. College Ave. are appraised for a total assessed value of $9.4 million. The automaker hired an independent appraiser in October and he determined the two properties were worth an assessed value of $6.2 million, which would save Mitsubishi $274,000 on its property tax bill.
Curt Richardson, an attorney with Unit 5 said the loss of those tax dollars would be catastrophic.
“That equates to a loss of jobs and a loss of teachers,” Richardson said. “We’re already struggling with higher class sizes, so this is affecting local school children. This is affecting our workforce with school teachers and this is also affecting our local taxpayers.”
The automaker stopped producing vehicles last month and will cease all operations by May of next year. Jim Chipman, an attorney for Mitsubishi said the plant’s closure has nothing to do with its appeal.
“There was an agreement on how the property would be valued that dates back to 1998 and that concluded in 2012,” Chipman said. “Then, I believe, the (terms of the) agreement were carried forward in 2013 and 2014 without an agreement. It wasn’t challenged but now (Mitsubishi) has looked at those numbers and feels that now that the agreement has expired, the assessment needed to be reviewed.”
Assistant State’s Attorney Don Knapp said the Board of Review will likely make a decision in 1-3 weeks.
Joe Ragusa can be reached at joe.ragusa@cumulus.com.
