Wood County Auditor Matthew Oestreich reported Tuesday that preliminary public utility assessments will potentially add approximately $350 million to Wood County’s total taxable value, making the Rover and Nexus Pipelines the two top-paying taxpayers in Wood County.
“These large public utility values are a great financial win for Wood County and the entities involved,” Oestreich said.
The Rover pipeline consists of two side-by-side pipelines which travel through Bloom, Henry, Jackson, Milton, and Perry townships. With both pipes now fully operational, the preliminary tax assessment is slated to significantly increase to $255 million from last year’s $57.5 million valuation.
The preliminary assessed value of the Nexus pipeline, impacting Troy, Webster, and Middleton townships, is $92.6 million.
These assessments are certified annually by the Ohio Department of Taxation. Public utility taxpayers have the ability to appeal until Dec. 7, 2019.
Oestreich said he is extremely cautious about estimating taxes until the appeal window is closed. Pending no appeals, Wood County’s general fund will see an increase of $680,000.00 over last year.
Pipeline values depreciate over a 30-year cycle with the first year being the highest value. When the tax revenue is received beginning February 2020,
Oestreich encourages local governments to “pay off any debts early or make capital investments that benefit county residents all while lessening the burden on local taxpayers.”
