TWIN FALLS, Idaho (KMVT/KSVT) The Twin Falls County commissioners meet with Chobani Tuesday to discuss a possible settlement agreement.
“Our assessor’s office has been going through with Chobani, with the tax commission, and many entities to try to find a true, fair valuation method of assessing some of these larger plants,” said commissioner Don Hall.
This process started in 2017 when Chobani appealed the valuation of their plant near Twin Falls.
This led the assessor’s office to revaluate the property, under new methodology.
“There was a decrease in the valuation of their property, which meant that some of those monies were owed back to Chobani,” Hall explained.
The assessor’s office initially valued Chobani at almost $392.8 million, and through the appeal process, the valuation was decreased to $249 million.
The difference will come from both the Twin Falls School District and the Urban Renewal Agency Revenue Allocation Area.
The school district will have to pay back $803,000.
The money will come from the school districts bond account, explained superintendent Brady Dickinson
“Because we plan conservatively, we actually build up some funds in that bond account, which allows us to pay those bonds off faster than anticipated,” Dickinson said. “It doesn't put us in a position where we won't be able to meet our obligations, but it does reduce the amount of money that we have available in those bond funds. Which means we won't be able to pay those bonds off as fast as we anticipated."