CAT Withdrawls Tax Appeals

By WEEK Producer

November 30, 2011 Updated Dec 1, 2011 at 11:05 AM CDT

PEORIA CO., Ill -- Caterpillar has withdrawn its appeals of tax assessments on properties in Peoria and Tazewell Counties.

That means that local taxing bodies will continue to receive millions of dollars in property tax revenues paid by Cat.

Caterpillar had challenged the dollar value of both it's world headquarters and factories in both counties.

By dropping its appeal, Cat will pay $1.3 million more in Peoria County that it would have had the appeal been approved.

School systems are the largest recepients of the property tax receipts.