BILLINGS, Mont. (AP) — The owner of a Laurel refinery will recoup $3.1 million in property taxes under a settlement with Montana tax officials.

The settlement resolves a tax protest by CHS Inc. that started in 2014 and included payments made through 2017.

CHS is the largest taxpayer in Yellowstone County. The Billings Gazette reports that the company argued its refinery was worth as little as $200 million, but state assessors valued it at more than $800 million.

Under the settlement, backed by the Montana Tax Appeal Board, the refinery was valued at between $738 million and $876 million during the years at issue.

The money that CHS will recoup represents about 11 percent of the taxes it protested.