The property tax bills are out and the LNG terminal at Canaport has been assessed at $98 million which means the city would receive $2.6 million pending any appeal.
That’s more money than the city would have received under the tax deal agreed to by Common Council back in 2005 which froze the property tax at $500 thousand a year for 25 years but less than some members of Common Council thought.
In previous years, the assessed value of the LNG terminal was just under $300 million dollars which would have resulted in the city getting $5.5 million in property tax. The assessment this year represents a reduction of more than 67 per cent.
The Finance Commitee, meanwhile, has been told the city might be faced with a budget shortfall next year of more than $5.4 million.
