The Porter County Assessor's Office and Porter Regional Hospital officials have reached an agreement that will allow the hospital to keep ten years of tax breaks in place. The two sides had been at odds over the assessed value of the medical campus in Valparaiso. The $130 million assessed value covers 2013 and 2014 tax years.
The agreement includes a depreciation schedule.
Our partners at The Times of Northwest Indiana report Porter Regional officials believed the value was $39.3 million, but an assessor hired by the county placed it at $244.5 million.
The difference has significant tax implications for the 225-bed hospital, which is receiving tax abatement on the assessed value. The hospital has undergone around $130 million in renovations in recent years.
Sources: Porter Regional Hospital, The Times of Northwest Indiana