Exelon And La Salle County Reach Tax Assessment Agreement

If you think your tax bill is a lot, imagine paying over 23 million dollars.

Exelon has agreed to a seven-year tax assessment where they will pay out over 23 million dollars this year to 11 taxing bodies.  Seneca High School is the biggest beneficiary of the power plants $485 million dollar tax assessment.  They will get $8.7 million in property taxes from Exelon.  Seneca Grade School gets $6.3 million, La Salle County $4.6 million and Illinois Valley Community College $1.7 million.

La Salle County Board Chairman Jerry Hicks says all sides walk away happy with the tax settlement.  Exelon’s taxes are about 20 percent of La Salle County’s total tax levy.

The settlement with Exelon comes after a few years of negotiations and costly tax objections.  The county claims the power plant’s assessed valuation is $760 million while Exelon thinks their plant is worth $385 million so they didn’t exactly meet half way.

Under the 7-year agreement, Exelon’s tax assessment will go down the next three years of the settlement, stay the same in year five before going back up by 30 million dollars in the last year of the deal.