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I <br /> <br /> ~ <br /> City of E gene 3 May 22, 1995 <br /> If granted tax exemptions, Hyundai would pay property taxes on its land for the <br /> first years of operations. When the plant comes on the tax rolls at the end of the <br /> ~ exemptio period, Hyundai would pay approximately $20 million in property taxes, <br /> based on a 1994-95 tax rate. <br /> B t the City won't receive a windfall. Oregon's tax system limits property tax <br /> income t cities. Additional property taxes paid by Hyundai would have the net effect of <br /> reducing ch existing tax payer's rate. Based on the anticipated value of the proposed <br /> project, i 's estimated that when the project comes on the tax rolls it would reduce <br /> individ 1 tax payers' rates by approximately nine percent. <br /> ~ For mor information, contact Mike Sullivan, Planning and Development, 687-5443. <br /> i <br /> <br />