MADISON (AP) — The value of a Madison paper mill will drop nearly $150 million in the coming year, likely resulting in a 30 percent tax rate increase for the tiny town.
The Morning Sentinel (http://bit.ly/1pMrbuP ) reported that Madison Paper Industries makes up about 40 percent of Madison’s property tax base. It was assessed at $229.7 million in 2013 and will now be valued at $80 million.
The drop in value leaves town officials searching for ways to raise money without putting the burden on homeowners. The town and school budgets are already set. The 4,800-resident town is in Somerset County, the fourth-poorest of 16 in the state.
A representative of the board of assessors says the drop in value is tied to a decline in the demand for paper across North America.
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