Thanks to a property valuation increase of $49.9 million, the City of Albion can use the same tax levy as last year and raise $208,438 more in revenue for 2008-09.
At a budget work session Monday night, Aug. 18, the consensus of the City Council was to do exactly that.
The same levy will raise 97 percent more revenue than last year because of a dramatic increase in the city’s valuation. The valuation increase of $49.9 million is due to personal property from the ASA Albion LLC (VeraSun Energy) ethanol plant coming on the tax rolls this year.
The valuation increase will be short-lived, because nearly all of the ethanol plant’s initial personal property value will depreciate within five years and vanish from the valuation.
More details in the Albion News Print Edition.