Tax Abatements Set for August 1

(posted July 27)

Shorewood Packaging Corporation is asking the Department of Metropolitan Development Commission for a five year personal property tax abatement based on a $3,882,000 investment. According to DMD Public Information Officer Anne Coffey, the proposed amount to be abated is $177,956 over five years. Coffey explained the personal property abatement schedule is in a staggered amount. In year one, the company claims 100 percent of new equipment's assessed value. In year two, it is 80 percent of the equipment's assessed value until it is fully abated in year six.

The company paid a tax amount of $64,843.92 in 2006 on the building and land at 620 S. Belmont in Wayne Township.

Wayne Taylor Racing LLC is also requesting an eight year personal property abatement for a $390,000 investment. This would abate $20,239 over the eight years in a staggered amount. In year one, the company claims 100 percent of the equipment's assessed value. In year two, it is 88 percent. It drops between 12 to 13 percent each year until year nine when it becomes fully abated. Coffey said the company will continue to pay the full real estate taxes for the building and land at 7950 Georgetown Road. In 2006, the company paid $80,755.12 in real estate taxes.

Pike Township Resident Association President Susan Blair said she was not aware Wayne Taylor Racing's request for an abatement. She said the PTRA board has not given too much attention to abatements, but she expects that might change.

Both hearings are scheduled August 1 at 1 p m. at the city county building.