The new owner of the Old Town pulp mill is seeking to reduce the mill’s valuation by $43.7 million — a move that could raise the city’s tax rate by about 9%.
The Bangor Daily News reported that Kaukauna, Wis.-based Expera Specialty Solutions has filed an appeal of the city’s denial of its requested property tax abatement, which seeks a reduction of the mill’s valuation from more than $51 million to $7.3 million. The abatement would lower the company’s $1,064,913 tax bill by $891,647.
Expera is arguing that the mill should be assessed at the lower valuation because it’s more in line with the price it paid when it bought the mill out of bankruptcy. Expera reopened the mill in January and restored about 180 jobs after the mill closed under its previous owners.
Source: Bangor Daily News
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