WAVERLY, OH - Masco Corporation will receive nearly $256,000 for property taxes it paid in 2011 on its former Mill's Pride ready-to-assemble cabinet manufacturing compound.
The rebate follows a ruling by the Pike County Revision Committee, which agreed with Masco's contention that the amount of taxes it paid should have been less because the value of the Mill's Pride property dropped substantially after the plant was shut down in 2011. According to the Chillicothe Gazette, Masco filed a tax grievance in March 2012 arguing that he 189-acre plot occupied by Mill's Pride was only worth about $8.75 million as opposed to the $25 million on which 2011 property taxes were based.
Last December, Masco of Taylor, MI, revised its tax refund request, amending the Mill's Pride property's value to $5 million, the same amount it sold the property, including 2.5 million square feet of manufacturing, warehouse and office space to a pair of real estate investors.
The Waverly City School District, the biggest loser in the Masco refund settlement, filed a counter-complaint contesting Masco's tax grievance. The revision committee ultimately set a value of $12.5 million for the property.
According to the newspaper, Masco will receive refunds of $115,667 from the school district, $67,000 from Pike County, more than $43,000 from the village of Waverly and the remainder from other local tax bodies.
Masco shut-down operations at the Mill's Pride plant in June 2011, putting the last of 1,200 employees out of work.
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