Business Services Industry
Whopping tax refunds, part one; Midland Cogeneration Venture L.P. v. city of Midland.(Focus)
Crain's Detroit Business, March, 2007
On what was one of its longest hearings ever, the state Tax Tribunal ruled that Midland Cogeneration Venture L.P.'s property had been overvalued by $400 million when the city of Midland assessed it for property taxes, which resulted in refunds of $35.2 million in taxes and $11.5 million in interest for the years 1997 through 2000.
Because of the tax cap imposed by the Michigan Constitution, the company also is to get further refunds for the years 2001 through 2006 of approximately $43.6 million, plus interest. * * * Settlement: Approximately $94 million, Feb. 21 Venue: Michigan Court of Appeals, Michigan Tax Tribunal Filed: May 2, 1997 Plaintiff: Midland Cogeneration Venture L.P. Attorney: Michael Shapiro, Honigman Miller Schwartz and Cohn L.L.P....
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