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The value of the Madison Paper Industries mill is set to decrease by nearly $150 million, which is expected to cause an approximately 30% tax hike for local property owners.
Citing the declining market for paper products in North America, Madison’s board of assessors reached that conclusion after having a “frank” discussion with the company’s management, William Van Tuinen, assistant to the board of the assessors, told the Morning Sentinel this week. “It’s a very, very substantial reduction in valuation,” he added.
The paper mill’s valuation is now $80 million, a steep decrease from its previously assessed value in 2013 at $229.7 million, the newspaper reported.
The valuation decrease has town officials grappling with how to mitigate its impact on taxpayers, given that the town’s municipal and school budgets have already been set. As it currently stands, the tax rate is set to increase from $17.53 per $1,000 of assessed value to $23.20 per $1,000, Van Tuinen told the Morning Sentinel.
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Learn moreThe Giving Guide helps nonprofits have the opportunity to showcase and differentiate their organizations so that businesses better understand how they can contribute to a nonprofit’s mission and work.
Work for ME is a workforce development tool to help Maine’s employers target Maine’s emerging workforce. Work for ME highlights each industry, its impact on Maine’s economy, the jobs available to entry-level workers, the training and education needed to get a career started.
Few people are adequately prepared for all the tasks involved in planning and providing care for aging family members. SeniorSmart provides an essential road map for navigating the process. This resource guide explores the myriad of care options and offers essential information on topics ranging from self-care to legal and financial preparedness.
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