JAY — Town Manager Shiloh LaFreniere is anticipating receiving the revaluation report on the Verso Paper Corp.’s mill and properties within the next two weeks.
“We hope to set the tax rate by the end of August,” she said.
Earlier this year, voters approved transferring $425,000 from the town’s surplus to conduct the revaluation of the paper mill properties.
The money was also used for a revaluation of the other property in town. The latter valuation was completed in July.
Assessors met with owners of four properties to answer questions they had, LaFreniere said.
The revaluation of property came about after Verso Androscoggin LLC requested a tax abatement in February for $469 million in valuation for 2013. The town values the mill and property at $929 million and has until Dec. 1 to make a decision on the abatement request.
Representatives of KSH Solutions Inc. of Canada, along with Spearhead Valuation Group and BinnCor LLC, both of Oregon, were involved in different aspects of the revaluation, LaFreniere previously said.
The engineers from KSH were to look at designing a facility that basically would replace the current mill. Spearhead Valuation and Peter Binn of BinnCor, who is under contract to Corporate Valuations Inc. of Oregon, were to look at what is in place and what that value is, along with depreciation, additions and other factors. Corporate Valuations was to focus on the accounting data and financial information.
The mill’s taxes are $9 million, after factoring in two TIF agreements. Verso pays 69 percent of the town’s property taxes, according to assessing agent Paul Binette.
Verso’s abatement request equals approximately $6.5 million in taxes, not factoring in any exemptions, Binette previously said.
The revaluation of the mill and property is expected to cost $247,175 and the revaluation of the other property in the town is expected to cost $50,000.
dperry@sunjournal.com
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