Lebanon Business Park 2014 Property Taxes

Watchdog Indiana Home Page Watchdog Lebanon Home Page Lebanon Business Park 2014 School Taxes Lebanon Business Park Tax Increment Financing Area Impact

Overview

It is of significant public policy interest to determine what portion of the total property taxes paid by Lebanon taxpayers comes from companies that are located in the Lebanon Business Park (LBP). The LBP companies are located within the Lebanon city limits. Data has been gathered and analyzed to determine what portion of the total 2014 property taxes paid by taxpayers within the City of Lebanon was provided by the LBP companies.

Total 2014 Lebanon Property Taxes

The "Calculated Current Property Taxes Charged" amount from the 2014 Certified Abstract provided by the Boone County Auditor is $15,658,607. Stated another way, the 2014 property taxes paid by all the taxpayers within the City of Lebanon are expected to total $15,658,607.

2014 Property Taxes Paid By LBP Companies Outside Lebanon TIF District

There are 13 LBP companies located outside the Lebanon Tax Increment Financing (TIF) District. All of the property taxes paid by these 13 LBP companies go to local government units in Boone County. The 2014 property taxes paid by each of these 13 LBP companies are listed next.

2014 Property Taxes Paid By LBP Companies Inside Lebanon TIF District

There are 12 LBP companies located inside the Lebanon TIF District. Most of the property taxes paid by these 12 LBP companies (82.34 percent in 2014) go to the Lebanon Redevelopment Commission instead of local government units in Boone County. Exceptions are the property tax earmarked for the Referendum Debt Fund of the Lebanon Community School Corporation and the property tax generated by the base assessed value inside the Lebanon TIF District. The 2014 property taxes paid by each of these 12 LBP companies inside the Lebanon TIF District are listed next.

Conclusion

The 13 LBP companies outside the Lebanon TIF District ($3,452,668) and the 12 LBP companies inside the Lebanon TIF District ($2,482,000) together paid a combined total of $5,934,668 in 2014 property taxes. The $5,934,668 in 2014 property taxes paid by the LBP companies was 37.90 percent of the $15,658,607 total 2014 property taxes expected to be paid by all the taxpayers within the City of Lebanon.

Not all of the $5,934,668 in 2014 property taxes paid by the LBP companies goes to local government units in Boone County. The Lebanon Redevelopment Commission receives $2,043,674 of the 2014 LBP property taxes. The $3,890,994 in 2014 LBP property taxes that goes to local Boone County government units is 24.85 percent of the $15,658,607 total 2014 property taxes expected to be paid by all the taxpayers within the City of Lebanon.

Some LBP proponents contend the Lebanon TIF District will be terminated at some time in the future and then all the LBP assessed value that now generates property tax revenue for the Lebanon Redevelopment Commission will be used instead to lower the property tax rates paid by Lebanon taxpayers (or increase the revenue to local government units in Boone County). These developer-first advocates believe it is accurate to state that the LBP companies pay about 38 percent of all the property taxes paid by Lebanon taxpayers.

Taxpayer-first advocates only consider the LBP property taxes that today go to local Boone County government units and, therefore, believe it is accurate to state that the LBP companies pay about 25 percent of all the property taxes paid by Lebanon taxpayers. These Taxpayer Friendly advocates recognize that the last Lebanon TIF District bond payment for the new fire station on Lasley Drive near I-65 is not scheduled to be made until 2026. The 2014 debt payments on the four Lebanon TIF District bonds was $681,878, adding $1,361,796 in excess 2014 property tax revenues to the Lebanon Redevelopment Commission coffers for Lebanon Mayor Huck Lewis to spend however he sees fit - it will be difficult for any future pro-developer Lebanon mayors to terminate the Lebanon TIF District and lose any excess TIF revenues for pet projects (like the $1.71 million that was spent on the SR 39 "decorative" bridge panels over I-65). Also it is more likely that developer-first proponents will expand rather than terminate the Lebanon TIF District.

It is Taxpayer Friendly to conclude that the Lebanon Business Park companies pay about 25 percent of all the property taxes paid by Lebanon taxpayers.

Watchdog Indiana Home Page Watchdog Lebanon Home Page Lebanon Business Park 2014 School Taxes Lebanon Business Park Tax Increment Financing Area Impact

This page was last updated on 03/28/17 .