Settle It Is
|At Monday's commission meeting, commissioners voted
to accept an offer from Tate/Lyle to settle the six year legal battle
between the county and the corn syrup maker over the assessed value of
their property and the property taxes they will pay going forward.
The county and the city of Loudon had been asking the company to pay an annual real and personal property tax of about 2.1 million dollars. Tate/Lyle had been in court asking to pay about 1.1 million per year.
The new agreement will set the tax rate at 1.7 million dollars for the next 10 years beginning in January 2017 and will end all legal actions by both sides.
This compromise agreement is almost splitting the baby down the middle. Some call it the perfect compromise. Neither side got everything they wanted yet both sides got something.