Business and Economics

Lowell Official Notified of $40 Million Mistake

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February 11th — Lowell’s assessed valuation could have been undercut by $40 million, had the Town’s financial consultant not caught an error made by the county.

Lowell Clerk-Treasurer Judy Walters noticed the lower assessed valuation in the 2014 budget report from the state Department of Local Government Finance. She says Lake County officials showed that $46 million had been captured in the town’s tax increment financing district. Lowell actually collected only $1.4 million.

Walters said the error affected not only the town government but the Tri-Creek School Corp. financial figures.  Walters is now asking for a corrected report from the state.

She says their financial consultant from Financial Solutions Group made the discovery and told her as soon as he found it. Walters says every Lowell resident will benefit from a close review of the report. “Because our AV (assessed valuation) went down so much, the tax rate went up.” said Walters, “So by finding the error, then the tax rate went down and that saves of course all property owners when the tax rate is lower.”

 

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