April 28, 2010
Exelon’s LaSalle County Generating Station Appeals 75 Percent Property Tax Increase to Illinois Property Tax Appeal Board
Attorneys representing Exelon Nuclear’s LaSalle County Generating Station submitted an appeal to the Illinois Property Tax Appeal Board based on a March 5 ruling by the LaSalle County Board of Review that increased the station’s property tax payments by a
MARSEILLES, Ill. (April. 28, 2010) - Attorneys representing Exelon Nuclear’s LaSalle County Generating Station submitted an appeal to the Illinois Property Tax Appeal Board based on a March 5 ruling by the LaSalle County Board of Review that increased the station’s property tax payments by approximately 75 percent.
“We expected to see an increase in property taxes for this year. However, a 75 percent increase does not accurately reflect the fair value of the plant and is an increase well beyond what any business or homeowner should expect in an annual assessment,” said J. Bradley Fewell, Vice President and Deputy General Counsel for Exelon.
While the appeal is deliberated by state’s Property Tax Appeal Board, the company will pay approximately $21.5 million in property taxes to 11 local taxing bodies, $9 million more than what the station paid in 2009. Exelon’s LaSalle Station is already the highest taxpayer and largest employer in LaSalle County.
In the March ruling, the LaSalle County Board of Review set the assessed value of the station at $525 million, which is $200 million more than the independent plant appraisal that Exelon commissioned ($325 million).
“Exelon Nuclear is a significant part of the local economy and has always paid its fair share of property taxes in LaSalle County,” said Fewell. “We continue to be open to a fair and reasonable long-term agreement with the taxing bodies in LaSalle County that would establish tax assessments for a number of years into the future. This would provide budgetary certainty for the school districts and other taxing bodies as well as tax predictability for the station.”
The taxing bodies’ negotiating committee assessed the value of the station at $736 million. The taxing bodies include: Brookfield Township, Brookfield Township Road District, Illinois Valley Community College, LaSalle County, Marseilles Fire Protection District, Multi Township Assessment District (Brookfield and Allen), Seneca Consolidated School District, South Prairie Park District, Seneca Rural Fire Protection District, Seneca Library District and Seneca Township High School District.
Exelon Corporation is one of the nation’s largest electric utilities with approximately $17 billion in annual revenues. The company has one of the industry’s largest portfolios of electricity generation capacity, with a nationwide reach and strong positions in the Midwest and Mid-Atlantic. Exelon distributes electricity to approximately 5.4 million customers in northern Illinois and southeastern Pennsylvania and natural gas to approximately 486,000 customers in the Philadelphia area. Exelon is headquartered in Chicago and trades on the NYSE under the ticker EXC.