BUCKSPORT- Bucksport’s biggest taxpayer is looking to lower the value of its power plant and potentially receive a massive tax break.
American Iron and Metal, a scrap metal recycling company that owns the former Bucksport paper mill, has been re-evaluating exactly how much the site’s gas-powered electrical generator is worth.
They value the generator at the paper mill site to be worth about $42 million.
Now, the town of Bucksport is going to send one of their experts within the next 45 days to properly asses what they believe the value of the generator is.
According to Bucksport’s assessor, the generator was previously valued at $60 million.
With that $18 million difference, there is a large amount of tax money left unaccounted for and that only leaves a couple of ways to make for that amount.
Bucksport Town Assessor, Jef Fitzgerald states, “At the current mill rate, the tax amount on that 18 million is a little less than $300,000 so if you take that $300,000 out of the equation, everyone else has to pay a little bit more.”
Fitzgerald says for Bucksport residents, that may not be a desired option as their taxes would increase.
But Bucksport Town Manager Susan Lessard states there are special prepared precautions to avoid raising residents’ taxes.
“Because this has been an anticipated request there’s sufficient funding to allow an abatement if one is necessary without impacting the mill rate, without impacting people’s taxes in order to do this,” Lessard says.
Lessard also states that the town’s evaluation of the mill’s assets will more than likely be in the somewhere in middle between $60 million and $42 million.