The town of Madison is seeking to establish a $2.5 million revolving loan fund that would mitigate the tax impact of the anticipated devaluation of the local paper mill.
The Morning Sentinel reported that the town is holding a special Town Meeting on Sept. 16 to seek voter approval for the line of credit. The loan, along with funds from two town accounts, would reduce a property tax hike that was previously anticipated to increase by 30%.
Last month, Madison’s board of assessors determined that the value of the Madison Paper Industries mill is set to decrease by nearly $150 million, citing a declining market for the paper products industry in North America.
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