Middle Tennessee Electric Makes Large Tax Payments to Local Governments
MTE provides more than electricity to the communities it serves. As a not-for-profit electric cooperative, Middle Tennessee Electric (MTE) is exempt from certain types of taxes, but it is still one of the largest taxpayers to local governments through the ad valorem tax.
This year, MTE paid more than $8.3 million total to local governments in its service area. The individual payments range from several thousand to millions of dollars, depending on the total amount of assessed property located in a particular county and to the cities within those counties.
Rutherford County received $4,037,648. In addition to the county payment, the following cities and towns received payments: Murfreesboro, $1,320,406; Eagleville, $2,623; La Vergne, $13,402; Smyrna, $97,925.
The Latin phrase ad valorem means “according to value.” MTE’s infrastructure, including buildings, substations, transformers, poles and lines, must be assessed annually to determine the amount of taxes to be paid. Local governments then use the revenue generated from the ad valorem tax for operations and programs to help meet the needs of the community’s residents.
“Middle Tennessee Electric is proud to support the communities we serve through ad valorem taxes each year, which help fund crucial programs and projects,” said Chris Jones, MTE president/CEO.
