Preliminary property values for Milam County’s 2009 tax year were released to the county’s taxing entities Monday, showing that the Sandow Steam Electric Station Unit 5 not only added enough value to offset losses from the shutdown last fall of Alcoa’s smelter and carbon plant, but Milam County and the Rockdale school district can expect higher bottom line figures on the revenue side during upcoming budget preparation time.
Overall, Milam County’s 2009 preliminary taxable values topped $1.755 billion, compared to $1.581 billion in 2008, reflecting a $174.4 million increase, largely from the added value of the new coal-fired power plant near Rockdale expected to go on line in August. Sandow 4, valued on the 2008 tax roll at $250.4 million, has a tax worth of $230.7 million for 2009. In 2008, the Sandow 5 power plant at a construction stage of about 75 percent complete was certified at $130.3 million.
Protest hearings before the appraisal review board are scheduled to begin Thursday and continue through the
certification date of July 16.
Chief Appraiser Patricia J. Moraw said overall, Milam County’s land values increased more than $99.1 million; improvement homestead values increased more than $30.9 million; mineral values decreased more than $11 million; ag valuation decreased more than $1.9 million.
The Sandow 5 value increase is $173.4 million, and because it is “an agreed value and not subject to loss” numbers will not change during appraisal review board hearings, Mrs. Moraw said. “The fact that $173.4 million covered not only the loss of Alcoa value, but also the mineral value decrease is the best case scenario.”
In 2008, Alcoa paid $1.8 million in property taxes to Milam County and Rockdale and Thorndale school districts.
Alcoa emerged from 2009 appraisals with a $52.6 million preliminary taxable value, compared with a 2008 certified value of $93.4 million.
Based on preliminary values Alcoa properties that contributed to a $5.5 million increase were Alcoa Lake, Sandow 1, 2 and 3 inventory stores, resulting in a projected net loss of Alcoa holdings on the Milam County tax roll at $40.8 million, Mrs. Moraw said.
Rockdale school district’s 2009 preliminary taxable values total $1.03 billion compared to $867.7 million in 2008.
“We had an increase of $125 million in value this year and not all of it was from the Luminant plant,” Karl Kacir, Rockdale school’s assistant superintendent for business and operations, said. “There were decreases in Alcoa, and Sandow 4, and there were increases in residential properties.”
Rockdale school officials will adopt the fiscal 09-10 budget this month based on an estimate of tax revenue. The tax rates are set in August.
