The Madison County Board on Wednesday joined eight other taxing districts to approve a tax settlement agreement with Olin Brass subsidiary GBC Metals LLC.
The agreement calls for East Alton property owned by the company to be set at a taxable value of $699,005 for tax years 2015 to 2023. In exchange, the company agrees to drop all legal appeals of the property’s assessed value. The company appealed assessments from 2008 to 2014 with the Illinois Property Tax Appeal Board and the Fifth District Appellate Court following appeals to the Madison County Board of Review.
The County Board resolution states that a successful appeal would result in taxing districts having to refund revenue collected from the company, and that the agreement will bring more certainty to the districts’ budgeting processes.
According to county records, in 2014 the property’s tax value was $1.14 million and the company paid $123,594 in taxes to the St. Louis Regional Airport Authority, the village of East Alton, Lewis and Clark Community College District, East Alton Library District, Madison County, the East Alton-Wood River High School District, Wood River Township, Wood River Township Road/Bridge District and the East Alton School District. The property was valued at $1.29 million in 2013 and $1.3 million in 2012.
The agreement calls for the company and taxing district representatives to meet by Dec. 31, 2021, to discuss extending or amending the agreement.
In other business, the County Board:
• Approved $130,000 from the county matching fund for a landscaping project on Landmarks Boulevard from Discovery Parkway to Illinois 100 in Alton. The project will include new trees and shrubs, sodding and new sidewalks, curbs and gutters.