Times Reports Consultant Catches Error that Would Have Lowered Lowell's Assessed Value by $40 Million
From the Northwest Indiana Times:
An error at the county level could have undercut Lowell's assessed valuation by $40 million if it had gone undetected.
Lowell Clerk-Treasurer Judy Walters told the Town Council on Monday that Greg Guerretaz, of Financial Solutions Group, found Lake County officials had shown that $46 million had been captured in the town's tax increment financing district. The town actually collected $1.4 million.
Assessed valuation is used to compute taxes.
Walters said the error affected the town and Tri-Creek School Corp.
Officials were notified, and Walters said she is awaiting a correction from the Department of Local Government Finance.
"That's why it's good to have a financial adviser," Walters said.