$13M tax abatement sought for Knox Mill
The receiver in charge of managing the Knox Mill and other former MBNA properties in Camden and Lincolnville has requested $13 million in tax abatement, saying the properties are overvalued.
An attorney for Baltimore firm Gray & Associates LLC filed letters with both towns, saying the properties are "overvalued pursuant to recent appraisals," according to the Herald Gazette. The abatements would mean a loss of $11.8 million for Camden and $1.2 million for Lincolnville, or about 70% of the properties' assessed value as of April 2009. Last March, a U.S. District Court judge appointed Gray & Associates as a receiver for the former Knox Mill properties and a building in Lincolnville, after mortgage holder PNC Bank in Pittsburgh said the owner, Maine Investment Properties, owed nearly $20 million in unpaid mortgage bills. The abatements were requested for payments due in November 2009 and May 2010.
As of March 16, however, no documentation of an overvaluation had been received by either town office, according to the paper. Assessors in both towns have 60 days to decide whether to grant the abatement.
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