Noble County Council OKs abatement

By Matt Getts | KPC Media - The News Sun

The Noble County Council approved a tax abatement Monday for Kendallville Iron and Metal.

The abatement will run for nine years, and will reduce the tax impact of more than $800,000 in new machinery and equipment for the business located at 243 E. Lisbon Road. The effect of the abatement, according to paperwork filed with the county, will involve the retention of 27 employees and the addition of two new workers, with an estimated combined salary of $98,000.

Tax abatements phase in taxes over the term, slowly increasing until the recipient is paying full property tax on the equipment. Typically abatements save companies about 50 percent of the taxes they otherwise would have paid.