The upgrades to the Marcus Hook Industrial Complex planned by Newtown Square’s Sunoco Pipeline will boost local property tax revenue by $4.8 million next year, writes Andrew Maykuth for the Philadelphia Inquirer.
This triples the amount Sunoco currently pays in real estate taxes on the former refinery site, which is now a terminal for the Mariner East pipeline system.
The new assessment was announced by Sunoco and Delaware County officials last week. It gave the property a fair market value of around $180 million, significantly increasing its value from when it was just a refinery.
According to the new assessment, Sunoco will pay around $7.1 million in property tax to Delaware County, Marcus Hook Borough, and the Chichester School District next year. This is a significant increase from the $2.3 million the company paid this year.
Chichester schools are slated to receive close to $5 million, the county will gain about $700,000, and the borough will see an increase of around $1.4 million in property tax revenue.
According to Andrew Weldon, Marcus Hook borough manager, Sunoco’s property-tax payment will account for 15 to 20 percent of the borough’s entire budget.
Read more about the property tax boost in the Philadelphia Inquirer by clicking here.