GlobalFoundries is challenging the $400 million assessment for the coming year on its Fab 8 computer chip plant.
Today was the deadline to appeal the 2011-12 assessment, and company spokesman Travis Bullard said the necessary paperwork was filed with the town assessor’s office a day earlier.
The company also challenged its 2010-11 assessment of $160 million. That case is currently pending in state Supreme Court.
Fab 8 is currently under construction, so town Assessor Susan Otis has said she assessed its value based on the cost of construction. Through March 1, GlobalFoundries officials said the company has spent about $700 million on the factory, which is due to open in 2012 with more than 1,200 employees.
Otis has said she used the spending figure and other factors in setting this year’s assessment at $400 million and that the town is prepared to defend the assessment.
Bullard said the company believes the property should be assessed at 30 percent of what’s been spent on construction materials – or roughly $210 million for the coming year.
“The information we have is based on how these things are assessed globally,” Bullard said.
The Fab 8 plant is generally described as costing $4.6 billion, but much of that cost is for complex fabrication tools inside the plant, which are not subject to local property taxes.
Bullard said the company is awaiting a response from the town. He doesn’t yet know if there will be another court challenge.
“We’ll have to see if the assessment is changed. If not, we’ll decide our next step,” he said.
Categories: Uncategorized
