ATCO granted tax exemption
Published 11:00 am Friday, April 11, 2014
Anderson-Tully’s application for ad valorem tax exemption was granted by the City of Vicksburg on Thursday.
ATCO’s requested the exemption on property in transit through Mississippi in route to a final destination outside of the State of Mississippi. The exemption should become effective January 1, 2014 and should apply to ad valorem taxes in 2014 and thereafter.
In February, ATCO saw a $33,513 decrease in taxes the company pays Warren County on wood products outside the state, as per county supervisors’ approval. The lumber processor had applied for the “free port warehousing” exemption last summer as part of a larger request, since approved, to reduce its property taxes as well.
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Calculations were finalized by John Lewis, of Brandon-based Statewide Appraisal, the Tax Assessor’s Office’s contract appraiser for personal property, which refers to assets not tied to land. The company had filed a petition for reduction of assessed value on personal property. The assessed value was $3,271,768 and ATCO sought a reduction of $826,869. The taxes based on $3,271,768 was to be $132,604.76 but was reduced by $33,513 to $99,091.76
In the application filed last June, the company put a $9.6 million value on its inventory and non-real estate assets. The documents said the firm employs 200 people at its facility on North Washington Street on a $13 million payroll. Equipment added or upgraded in 2012 had added another $2.5 million to their overall request, a list that included track machine and upgrades to a shaker machine.