NES In-Lieu-Of-Property Taxes Highest in Nashville

FOR IMMEDIATE RELEASE - June 29, 2007

NASHVILLE, TN – The city of Nashville will receive its largest tax payment Friday.  Close to $6 million in quarterly in-lieu-of-taxes is being paid by Nashville Electric Service (NES).  NES is Metro’s largest property tax payer.

The Electric Power Board approved the $5,923,000 amount at its regular monthly meeting in September.  The total amount for this fiscal year ending June 2007 is $23,692,600.  That is a five-percent increase over the previous year.

As a public power utility, Nashville Electric pays in-lieu-of-property taxes to Metro Nashville and 12 other city and county governments in the NES service area.  These taxes are based on a formula that takes into account the value of all NES property such as poles, lines, and substations, as well as gross revenues.

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