A Maine paper mill's value is dropping by more than $100 million, jacking up local residents' tax rates.
Skowhegan officials lowered Sappi Fine Paper North America mill from $567 million to $463 million. The lower value will impact the town's tax rate, though residents were steeling themselves for an even bigger hit.
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Town Manager Christine Almand says the lower valuation means the town's tax rate will increase from $16.40 per $1,000 to $17.15. That will make a $75 difference on a home valued at $100,000. Almand says residents and officials feared a much bigger hit because of the industry-wide downward trend in paper mill valuation.
The mill is the town's biggest taxpayer and will pay just under $8 million to the town. Last year it paid $9.3 million.