Did you know that Middle Tennessee Electric annually pays millions of dollars in ad valorem taxes? This revenue source is used by counties and cities to help fund services from law enforcement and emergency response to road maintenance.
Ad valorem is Latin for “according to value”; these taxes are based on the value of assets. MTE’s lines, poles, transformers, substations, offices, buildings and other infrastructure are subject to these taxes where the assets are located. In other words, the amount of taxable assets is unique to the county or city in which it exists.
This year, MTE will pay more than $6.1 million in ad valorem taxes 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.
As a not-for-profit cooperative business focused on member satisfaction, MTE is proud to be a responsible corporate citizen. Local governments use the revenue generated from the ad valorem tax for operations and programs to meet the needs of residents.
“This is yet another way Middle Tennessee Electric fulfills its commitment to those we serve,” said Chris Jones, MTE President/CEO.