ERLANGER, Ky. -- Northern Kentucky faces a $3 million nosedive in tax revenue as a result of Toyota's decision to relocate its North American manufacturing headquarters and 1,600 workers from its 44-acre campus that carries an Erlanger address and spreads into Boone County.
Highly compensated Toyota executives pump $2.5 million in payroll taxes into Boone and Kenton Counties, according to Northern Kentucky Tri-ED, and at least $455,000 in property taxes, according to an analysis by WCPO Data Specialist Mark Nichols.
That's not counting sales tax and personal property taxes that individuals added to the economy.
By all accounts, state and regional leaders – from the governor's office to Erlanger's city hall – were blind-sided Monday morning when Toyota officials met with Gov. Steve Beshear to break the news.
Now they're scrambling to come up with plans to retain as many of highly-skilled employees as possible and covering the economic gap.
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