After months of litigation and extensive negotiation, the Madison County Board and a consortium of taxing bodies have agreed to terms on a settlement and intergovernmental agreement with Olin Corporation pertaining to the corporation’s appeal of property taxes paid between 2005 and 2011. The board unanimously approved the terms of that deal last night, which will allow Olin to collect the $3.5-million it paid in taxes during that period.
County Administrator Joe Parente says that the deal that will benefit all parties involved.
Parente also says that getting this type of deal done is important because it provides stability to the county’s tax base, which is a key factor in bringing economic growth to the county. The taxes levied on property owned by Olin every year will be $1-million through 2020.