The measure would have reduced future growth in state ad valorem revenues by an estimated $2.7 million in 2014 and increased beyond that over time, according to the state Tax Commission.

State law allows for tax abatements to attract industries and promote growth. Over the next 10 years, Wayne Farms will save about $887,000 in ad valorem (property) taxes and $63,000 in sales tax.

The State Tax Commission declared that for purposes of the 2025 assessment, the 2023 assessments cannot be more than 15 percent of the 2022 assessed values.

Property Taxes are taxes levied against the owner of property located within a particular jurisdiction. Property taxes are often used to refer to taxes on real property. Property taxation schemes ...