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This document outlines the assessment and tax valuation process for wind turbines constructed in Story County, Iowa, managed by GIS Coordinator Matt Boeck. The county supervisors approved a valuation structure that accounts for construction costs across several assessment years. Initially set at 0% of net acquisition cost, the valuation increases by 5% annually for six years, before settling at 30% from the seventh year on. The development includes 100 turbines by Story Wind LLC and NextERA, with tax revenue expected to begin in September 2011. Discussions on tax increment financing and improvements are also included.
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Wind Turbines Matt Boeck Story County GIS Coordinator
Assessment • County Ordinance • Approved by County Supervisors • Amount of Valuation • For the first assessment year, at 0% of net acquisition cost • For the second through sixth assessment years, at a percent of the net acquisition cost which rate increases by 5% each assessment year • For the seventh and succeeding assessment years, at 30% of the net acquisition cost • Acquisition cost for Story County Wind Farm • All turbines have to be in at least initial phases of construction
Story County Wind Farm • Story Wind LLC • NextERA company (Florida Power and Light) • 100 Turbines Constructed in Fall of 2008 • 100 Turbines on Assessment year 2009 • Story County will see first tax dollars September 2011 • 23 more turbines on assessment year 2010 • Treated as Buildings on Leased Land • Two or more turbines on same rural parcel can have same parcel number • Class is Industrial
Wind Turbines and TIF • Tax Increment Financing • Financing mechanism, most commonly used by cities, to reallocate growth in property tax revenue within a designated Urban Renewal Area (URA) to finance public improvement projects or attract new development • URA can be entire county • County road improvements
