Hynix closure hurts Eugene taxes

The closure of Eugene’s top taxpayer takes a bite out of the city’s budget.

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With the recent closure of Hynix, Eugene only expects $50,000 in taxes from the defunct computer chip plant, down from $1.8 million in fiscal year 2009.

Hynix had been the city’s top taxpayer for years, contributing from $2.2 million to $2.7 million to city coffers for each of the past six fiscal years, Eugene Finance Director Sue Cutsogeorge said. (The city’s fiscal year begins July 1 and ends June 30 of the following year.)

After Hynix closed, the plant’s assessed value dropped, which means that the stream of property tax revenues from Hynix will start drawing down to a trickle.

Read the full story at The Register-Guard.

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