By Joe Ragusa
NORMAL – Mitsubishi is going to pay about $205,000 less on its property taxes after reaching an agreement with McLean County taxing bodies.
The two sides were disputing the property tax assessment for two properties Mitsubishi pays taxes on: its manufacturing plant and a warehouse facility at 2601 W. College Ave. in Normal.
The equalized assessed value of the two properties is now $7 million after it was originally set at $9.4 million. An independent appraiser hired by Mitsubishi found the two properties were worth $6.2 million EAV.
Jim Chipman, an attorney representing Mitsubishi, has not returned a message seeking comment but he said after an appeal hearing last month that Mitsubishi’s request for lower property values has nothing to do with the plant’s closure.
Joe Ragusa can be reached at joe.ragusa@cumulus.com.
