The Zimmer Power Station is scheduled to close in May of 2022. Its closure will cost New Richmond Exempted Village School District millions of dollars in revenue.
During his report to the Board of Education on October 18, Treasurer/CFO Matthew Prichard shared Zimmer’s tax information from the Clermont County Auditor’s office.
In tax year 2020, New Richmond Schools received $2 million in public utilities personal property taxes from Zimmer, according to Mr. Prichard. Once Zimmer closes, this source of revenue will be gone beginning with tax year 2023.
The district also receives money from real property taxes paid by Zimmer. Based on the current property valuation, New Richmond Schools received $1.5 million in commercial real estate tax revenue in tax year 2020. The company that owns Zimmer is currently undertaking efforts to have the property value reduced. If they are successful, then New Richmond stands to lose additional tax revenue, he said.
To learn more about the impact the Zimmer closure will have on the area, you can watch this report from WCPO news. https://bit.ly/3xW65BG