ADM property tax settlement
The end of a years-long property tax dispute between ADM and area government organizations came to a close.
Archer Daniels Midland will received more than $2.5 million in tax credits as part of a settlement in the property tax dispute with the Clinton Board of Review.
As part of a settlement, ADM will receive $2.1 million in tax credits against future property tax liabilities on the co-generation facility to account for ADM’s overpayments resulting from erroneous assessments on the facility.
The property in question became an issue in 2008 when the property was labeled a utility plant. Several incidents happened after 2008, leading to the settlement in 2013.
The settlement resulted in a loss of projected property tax dollars for Clinton County, the city of Clinton and the Clinton Community School District.
The apartment complex on the north end was sold through a sheriff’s sale, had a ceiling collapse forcing the displacement of 20 people and recently had water issues.
During the sheriff’s sale, court documents indicated the complex owed $3.3 million in unpaid mortgages, $353,110 in interest, $180,619 in late charges, $13,500 in attorney fees and $516 for service and filing fees and title searches.
In December, a Wisconsin bank purchased the property for $450,000. The total was a fraction of the $3.3 million that was being sought.