- Posted March 08, 2011
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Cuts in GM property values add up to millions lost
FLINT (AP) -- Tax appeals filed by General Motors Corp. have resulted in more than $8 million in lost revenue for local governments in the Flint area since 2010.
The Genesee County Equalization Department says most property and equipment appeals pursued by GM have been settled without going to the Michigan Tax Tribunal. Taxable values have been cut by more than $250 million.
Local officials tell The Flint Journal they've been bracing for the loss of money. Some GM assessments hadn't been appealed in two decades.
The city of Swartz Creek paid $308,000 to settle tax disputes with GM. The city manager says the refund was anticipated and set aside. Despite the drop in property values, GM remained the largest taxpayer in Genesee County in 2010.
Published: Tue, Mar 8, 2011
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