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<Here is update on Frontier Expansion – Refinery valuation assessment has been lowered to $300,000 but still doubles City income for Fire Protection provided – CER>
Refinery assessment would more than double citys portion
El Dorado Times Wed Jul 16, 2008, 12:57 PM CDT
El Dorado, Kan. – Like all of the taxing entities, the city of El Dorado is also being affected by the change in Frontier Refinery’s valuation assessment.
The refinery had requested to eliminate $94,000 from their valuation, bringing the assessment down from about $400,000 to $300,000, which is still up the the $90,000 valuation previously. Because of the hearing held on the valuation, many taxing entities did not budget to spend that amount until they had a final dollar amount.
The refinery settled on a $300,000 amount at the beginning of the year. If the state allows this new exemption, the benefit from the valuation will still almost double for the entities. The refinery accounts for 50 percent of the value of the entire county.
If the change is approved, the city is set to receive about $500,000 from its five mills it receives for providing fire protection for El Dorado township. Last year, they received about $200,000.