Falconbridge officials were waiting on a decision in late June on the City of Timmins' appeal of the 2001 municipal tax assessment of the mining company's Kidd Creek operation. If the city wins their case, Kidd would have to pay an additional $3 million in property taxes.
Falconbridge currently pays between $8 million and $9 million annually in taxes. The city feels Ontario's 1.01 tax reduction to large industrial properties has cost the municipality significant revenue, and is using the mining giant as a test case.
Falconbridge officials contend they are being unfairly singled out, adding the legal costs for the appeal process is costing Timmins' taxpayers between $200,000 to $300,000. The company claims it has lost $20 million in the first quarter of 2002 and cannot carry the burden of a heftier tax bill.
