City Council Approves Tax Phase-in for Bendix December 1, 2023 Report The Huntington City Council voted unanimously at their November 28th meeting to approve a phase-in of property taxes for Bendix Commercial Vehicle Systems (Bendix) as the company invests over $22 million in new logistical and information technology equipment for use at their Huntington facilities. Knorr-Bremse of Germany is Bendix' owner and Bendix is the largest property taxpayer in Huntington and one of the City's finest corporate citizens. Property tax phase-in, or what was historically known as abatement, has existed in Indiana as an economic development incentive since adopted by the Indiana General Assembly in the 1970s. Property tax phase-in is not a cash award paid by the taxpayers to help a company nor does it reduce any current property tax liabilities a company may have. The process simply reduces the immediate liability associated with a NEW investment by companies and phases-in the liability over a period of time. Again, the approval of tax phase-in (or abatement) does not result in budget outlays for the municipalities and are performance-based on the part of the company(s) involved. The value of the abatement is tied directly to the assessed valuation of what was actually invested by the company. "We are so proud of the Bendix team," said Mark Wickersham, executive director of the Huntington County Economic Development Corporation. "Huntington is very fortunate the Company continues to invest in our Community and we really appreciate City Council unanimously supporting the Company in this process," he concluded.