Coffeyville Resources agrees to partial settlement with Montgomery County

theflyonthewall.com

Coffeyville Resources Nitrogen Fertilizers, a subsidiary of CVR Partners, announced that it has reached a partial settlement with Montgomery County, Kan., regarding property taxes paid under protest since 2008 for its fertilizer plant in Coffeyville, Kan. Under the agreement, the fertilizer plant will be appraised at a total value of $35M for tax years 2013 to 2016, which will lower the fertilizer plant's property taxes by $10.5M per year based on current mill levy rates. The settlement also states that the county will retain $48.4 million in taxes the company has paid under protest for tax years 2009 to 2012. Additionally, the settlement states the company will continue its appeal of its 2008 property tax case and the county will make a payment to the company for the 2008 tax year upon the final conclusion of the appeal, with the amount of the payment based on the appeal's outcome.

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