PILOT Passed
| The Payment 5 year Payment In Lieu Of Taxes, PILOT
tax break, for the Viscase expansion, was approved by Loudon City
council last Monday. Voting for the tax break were mayor Jeff Harris,
councilman Tim Dixon and new councilman, Kenny Ridings. "NO" votes were
cast by councilmen Eric Newman and John Cardwell. Those voting "NO"
cited giving tax breaks for a multi million dollar cooperation just
after raising city property taxes. The resolution below isn't specific on just how much property tax will be lost over the 5 year PILOT, but if it's a typical Jack Qualls PILOT, it's likely a 50% tax break, meaning the city and county will lose about $630,000.00 over the 5 year period or possibly more. The county has no say on the property tax giveaways.
|
BACK
12/23/24
