Tentative agreement reached on County tax overpayments

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LibbyMt.com > News > August 2014 > Tentative agreement reached on County tax overpayments

Tentative agreement reached on County tax overpayments
by Duane Williams, KLCB-KTNY Radio
August 21, 2014
Lincoln County and the Revett Mining Company have reached a tentative agreement concerning Revett’s overpayment of Net and Gross Proceeds taxes. The metal mines taxes are paid on the value of minerals mined at the Troy Mine during a production year. The overpayment of these taxes goes back to Revett’s Troy Mine production from 2010 to 2012. The mine is currently accessing their ore body through a new adit, is not processing ore, and a tax reduction on production was therefore not possible.

The agreement includes Revett granting the County an easement on the road to maintain public access to areas important to recreationalists when the mine finishes operations in the distant future. Lincoln County has agreed to do road maintenance and repair work on the access road to the mine up to an amount that Revett has overpaid their Proceeds taxes.

For several years, taxes for property owners within Lincoln County were miscalculated above the legal maximums. The County Commissioners are reducing taxes for the next few years for property owners as a way of paying back taxpayers those over-charges. The overpayment of Revett’s property taxes is separate from the Net and Gross Proceeds taxes, and Revett will be treated the same way as all taxpayers with regards to its property taxes.
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By Duane Williams, KLCB-KTNY Radio, e-mail: klcb@frontiernet.net, www.klcb-ktny.com

LibbyMt.com > News > August 2014 > Tentative agreement reached on County tax overpayments

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