PCAD board settles with Rio Grande Mining PCAD board settles with Rio Grande Mining
By SARAH M. VASQUEZ
PRESIDIO COUNTY – Presidio County Appraisal District board of directors Wednesday approved a settlement with Rio Grande Mining Company, according to an appraisal district board member.
Rio Grande filed a civil lawsuit against the appraisal district last year, asserting that the 2013 appraisals exceeded the market value and were “excessive and unlawful.”
The settlement lowers Rio Grande Mining’s 2013 property appraisal to $38 million in lieu of the initial $100 million appraisal.
The failed Shafter mining company, which closed its doors late last year, will also pay penalties and interest on its outstanding property tax bills to the county, the Presidio school district and the hospital districts.
Rio Grande Mining also contested a tax bill from the 2012 appraisals after the silver reserves were discovered to be initially listed in error at $3,539,190 instead $35,309,190. Presidio County Tax Assessor/Collector Norma Arroyo issued an updated bill after Rio Grande Mining paid the initial amount due.
PCAD board also approved in the settlement that Rio Grande Mining will have to pay the rest of the 2012 taxes from the appraised value regardless of the typographical error.
The motion to approve the settlement was passed unanimously. Board members Jon Johnson, representing Marfa ISD, and Presidio Mayor John Ferguson were not present.
https://bigbendnow.com/2014/05/pcad-board-settles-with-rio-grande-mining/