As agreed to with Howard County officials as both Delphi Electronics & Safety and the Chrysler Group emerged from bankruptcy, the companies have made all scheduled tax payments.
The two companies, the largest employers in Howard County, have paid a total of $21.8 million in current and past-due real and personal property taxes, according to Treasurer Martha Lake.
County officials reached an agreement with Delphi in 2009 to pay all real estate taxes for 2005 in the amount of $1,881,860 over seven years at an interest rate of 5 percent.
The company also agreed to pay all personal property taxes in the amount of $4,615,377 by March 1.
Old Carco made a lump sum payment of $11.2 million last February and Chrysler Group LLC agreed to pay $19.2 million over the next five years in installments of $3.2 million per year.
Treasurer Martha Lake said Wednesday that Delphi and General Motors Component Holdings paid $7 million in real and personal property taxes due this year.
Lake said Delphi owed a total of $6.5 million from 2006 and made a payment of $1 million in 2009 and $3 million this year.
She said Delphi’s total amount due, including 8 percent interest, was $7.8 million.
Lake said Delphi makes an annual payment each October.
Old Carco paid the $11 million in February to pay half of the personal property taxes that were due in 2009 and 14 percent of the taxes owed this year, she said.
Lake said the Chrysler Group paid $3.1 million in real estate taxes that were due this year. For the year, local taxing units received $14.8 million in tax payments.
Chrysler Group makes $1.6 million payments in May and November on the $16.2 million owed to Howard County taxing units, she said.
Lake said both Delphi and Chrysler will pay the full amount due in 2011 for real and personal property taxes.
“Both Delphi and Chrysler are making the required personal property tax payments and are on schedule to make payment in full by 2015,” she said. “There have been no issues when it comes to the payments.”
The funds received from Delphi are going to repay loans local taxing units received from the Indiana Rainy Day Fund when the company first filed for bankruptcy protection.
The taxes collected are distributed to Howard County, Kokomo, Kokomo-Center and Northwestern schools, Center Township and the Kokomo/Howard County Public Library.