MADISON, Maine - Officials in a Maine town are fighting the state's assessment of the town's taxes on the grounds the assessment doesn't reflect the loss of value of Madison Paper Industries.
The Morning Sentinel reports that Madison's selectmen voted Monday night to appeal the assessment of the town's county and school taxes. The state wants to assess the town at $491.6 million in 2015, which is $6.75 million less than the 2014 valuation. The selectmen say the assessment doesn't take into account a loss of about 25 percent of the town's tax revenue due to the nearly $150 million drop in value of Madison Paper Industries.
The town's valuation is used to determine how much a town pays in county taxes and how much state funding goes to schools.