CAT Wants 'Fair Assessment' in Local Properties

By WEEK Reporter

August 11, 2011 Updated Aug 11, 2011 at 1:21 PM CDT

Caterpillar wants to pay less in property taxes locally.

The company is looking for a $28 million reduction in the assessed values of its Peoria and Tazewell County properties.

Caterpillar spokesman Jim Dugan says the company merely wants properties assessed at a fair level that accurately reflects their value in the current market.

CAT is appealing its case to the state property tax appeals board.

Review boards in Peoria and Tazewell Counties last year decided not to act on any of the company's requests.

However, if approved, the decrease would mean less revenue for local entities such as school districts.