Two tax abatements issued by the Marshall County Council this fall were amended during Monday’s meeting.
Faulkner Fabricating in Bourbon received a tax abatement mid November for a new building and personal property in the amount of $1,176,000 while Homestead Dairy received a tax abatement on a $14,000,000 project to build a new robotic dairy milking operation in September.
Council President Judy Stone explained the amendment saying, “This is simply to reflect that a tax abatement was granted for real and personal property based on a 10 year sliding scale.”
The amendment clarifies to both businesses that their tax abatements are on the sliding scale over a period of 10 years. While taxes will not be paid on the new real estate or personal property in the first year, from years 2 through 10 the taxes will gradually increased and in year 11 the full amount will be due.
