$33 million: Byron taxing bodies, nuclear plant come to agreement on property taxes
Constellation, owner of the Byron Nuclear Power Station, will pay more than $33 million in property taxes, over half of which will go to the Byron School District.
The school district, one of 12 taxing bodies that make up the Ogle County Intergovernmental Agency Board, announced Wednesday that the board has reached an agreement with Constellation on the assessment and taxation of the nuclear plant.
The settlement will span from tax year 2022 through 2027.
The other members of the OCIAB who receive property tax revenue from the Byron Station include: the Byron Fire Protection District, Byron Forest Preserve District, Byron Library District, Byron Museum District, Ogle County, Oregon Park District, Oregon School District, Rock Valley College, Kishwaukee College, Rockvale Township, and Rockvale Township Road District.
Throughout the duration of the agreement, the plant will retain an assessed value of $500 million, and Constellation will pay a combined total of $33,666,667 in property taxes each year. The total taxes paid represent a 2.9% reduction for all members of group. The Byron School District will receive $18,442,741 in property tax payments from Byron Station annually.
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For the school district, officials said the settlement removes a substantial financial risk to the district’s taxpayers and will provide long term financial stability.
Byron Board of Education President Christine Lynde said negotiating a long-term tax agreement for the Byron Nuclear Power Station has been a goal for the district for the past five years.
"Historically, there have only been two prior tax agreements. I think the negotiating process rendered results beyond a final settlement," she said. "I believe that OCIAB and Constellation have formed a positive working relationship, which makes me hopeful that this is the first of many multi-year agreements."
Illinois law requires the settlement agreement to be approved by a circuit court judge before it becomes effective. For that reason, the parties will file an action in the Circuit Court of Ogle County to secure court approval.
Once the court’s approval becomes final, the settlement agreement will become effective and the pending Property Tax Appeal Board cases for tax years 2012 through 2019 will be dismissed.
The Byron Nuclear Power Station operates under the jurisdiction of the U.S. Nuclear Regulatory Commission. Construction of Byron Station commenced in 1975. It consists of two Units with a combined generating capacity of 2,347. Unit 1 entered commercial service in 1985 and Unit 2 entered commercial service in 1987. Unit 1 is currently licensed by the NRC to operate until 2044, and Unit 2 is currently licensed to operate until 2046.
Chris Green: 815-987-1241; cgreen@rrstar.com, @chrisfgreen
This article originally appeared on Rockford Register Star: Byron taxing districts, nuclear plants agree on $33 million settlement
