NORMAL, Ill. (AP) — More than $500,000 in property tax revenue for one central Illinois county could be on the line.
The (Bloomington) Pantagraph reports that the Mitsubishi Motors North America plant in Normal is asking McLean County for a reduction in the assessed value of the property. The car plant shut down production in November.
The county’s Board of Review will consider the request Tuesday.
The company seeks to reduce the assessment of the Normal plant’s site from $9.4 million to $3.1 million. If granted, the Pantagraph reports that plant’s property taxes would drop from the $798,000 paid this year to $264,000 based on the same tax rates.
Supervisor of Assessments Bob Kahman says the request is related to the end of production and the plant’s planned closure in May.