The Noblesville Common Council has unanimously approved SMC Corp.’s 10-year personal property tax phase-in for the increase of assessed valuation resulting from the installation of new equipment into the existing facility at 10100 SMC Blvd.
SMC’s proposal includes purchasing and installing approximately $3,100,768 worth of new equipment to expand its production and distribution capabilities.
“With this equipment, not only will we be delivering products but designing more products for North American markets,” SMC’s Chad Bosler said.
The terms of the tax phase-in allow SMC to gradually pay taxes on its new equipment. In the first year, no money is collected. The phase-in gradually increases from $5,210 in the second year to $25,120 in the 10th and final year. Noblesville will collect $130,812 during the 10-year phase-in. SMC will save $194,768 in property taxes with the phase-in.
This is the fifth tax abatement SMC has received. Noblesville Economic Development Director Judi Johnson said no other Noblesville business currently has more than two abatements.