Parker Poe attorneys Ray Jones, Emily Luther, and Mark Simmons discussed the potential impacts of S. 1087 in a webinar on July 27.
As a part of S. 1087, the General Assembly gave additional property tax relief to manufacturers by reducing the effective assessment ratio to 6%.
This is significant because of the potential savings to manufacturers, changes to the county economic development landscape, and impacts on county finances resulting from the new S. 1087 reimbursement mechanisms.
The reimbursement cap adds further complications. S. 1087 gives, but it may also take away. Reimbursements for lost revenues are capped at $170 million. In any year where the cap is met, the effective assessment ratio may not be 6% after all.
You may view the webinar replay here: Farewell to Fee in Lieu? Live Webinar and Q&A with Parker Poe