Each year Maine Revenue Services certifies the full equalized value of all real and personal property which is subject to taxation under the laws of Maine for all cities and towns in the state. Those valuation figures are used for numerous purposes, such as county tax assessments, municipal revenue sharing, and school subsidies; if a community’s valuation increases at a race outpacing others, it will see an increase in assessments and declines in revenue sharing and subsidies. State valuation lags actual market values and municipal assessments by nearly two years by the time it is final and certified, meaning the current state figures represents the full equalized value of all taxable property in communities as they were in early 2017.
Penobscot County as a whole had a slight increase in its valuation for this year, and all local towns saw their valuations go up. Leading the way was Orono, with a valuation of $470.9 million – about $14 million more than last year, mainly because of large-scale student housing projects that were built.
Old Town, meanwhile, climbed about $6 million – from $447.9 million to $453.8 million. That is still well below the city’s highest valuation ever, – $520 million in 2006 – but Old Town’s valuation is expected to climb in two or three years if mill owner Nine Dragons makes anticipated investments there.
Other area communities, meanwhile, saw their valuations tick slightly upward. Alton rose from $42.5 million to $43.6 million; Bradley climbed from 4110.7 million to $113.85 million; , Greenbush increased from $64.8 million to $66.25 million; Milford rose from $186.3 million to $187.2 million; and the Penobscot Indian Nation rose from $9.4 million to $9.6 million. It is believed the valuations for Orono, Alton, Greenbush, Milford and the Penobscot Indian Nation all hit record highs.
The valuation for Penobscot County as a whole rose as well, from $10.6 billion to $10.8 million.
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