Nissan's 10-year tax exemption has expired - WFXG FOX 54 - News Now

Nissan's 10-year tax exemption has run out

CANTON, MS (Mississippi News Now) -

Madison County is about to get a tax windfall from Nissan's ten year tax exemption expiring. The exact amount is still being calculated.

Madison County Tax Assessor Gerald Barber is negotiating with Nissan to determine their new tax bill. It will be a lot more than Nissan is now paying.

He does not yet know just how much money the county will get, now that the 10-year tax exemption given Nissan has expired.

"They are paying three million 650 thousand, and that's an in lieu of taxes, that we mention, they are going to go to full tax," said Barber. "It will be from two to three times this amount. It will not be nearly three times this amount. It's a win win for Madison county, ten years ago we were so excited about it. I can't believe the ten years has passed so fast, and now we are fixing to start getting some real money."

We asked the president of the Madison County Board of Supervisors, Karl Banks, where the additional tax money from Nissan is likely to be used.

"There some things we are working on now," said Banks. "We are talking improving roads, working on some infrastructure, taking care of our citizens."

Barber said he is pleased with the negotiations.

Copyright MSNewsNow. All rights reserved. 

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