Property Tax

Midland, MI: (Feb-21-08) The Midland Cogeneration Venture brought charges against the city of Midland, over tax appeals. Sources close to the case confirmed that the two parties had reached a settlement and entered into a Memorandum of Understanding to resolve MCV's appeal of its property tax assessments for tax years 2001-2007. Under the terms of the deal, Midland County taxing jurisdictions, which include the City of Midland, Midland County, Midland Public Schools, Bullock Creek Schools, Midland County Educational Service Agency, Delta College, and the State of Michigan, will owe MCV approximately $137 million on property that was over assessed. Additionally, MCV will donate roughly $10 million in the form of credit, most of which will go to Midland Public Schools, Bullock Creek Schools, Midland County Educational Service Agency and Delta College to offset a portion of their refund liability. The City of Midland will refund a total of $36.2 million to MCV, resolving the tax dispute. [WNEM NEW: PROPERTY TAX]

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Published on Feb-22-08