Luminant Corp. is claiming in a lawsuit against the Titus County Appraisal District in Texas that Luminant’s coal-fired power plant is worth one-seventh of its $341 million appraised value, approximately $50 million. Luminant claims the plant has lost value over the years.
It was appraised at $1.05 billion in 2008, and Luminant has filed a lawsuit disputing the county’s valuation.
Texas County Appraisal District Chief Appraiser Geraldine Hull told the Southeast Texas Record. In 2014, Luminant agreed the value was $350,787,230, which did not include pollution control equipment value.
“It is unknown at this time how Luminant has decided the plant has lost value,” Hull said. “Taxes are a function of two components – property values and tax rates – and if the court makes a determination to reduce Luminant’s value, its tax liability will be reduced as will the revenues available to the area taxing units that provide various public services.”
The lower valuation would cost the Mount Pleasant Independent School, Northeast Texas Community College, Titus County and the Titus County Hospital District millions of dollars.
“We’re certainly aware of Monticello Power Plant’s impact on the school and county governments in Titus County,” Luminant spokesperson Brad Watson said. “We’re a longtime member of the community, and of course remain concerned about its overall success.”