MADISON (AP) — A Maine town reeling from a drop in the valuation of its largest taxpayer will borrow money and dip into its reserve fund to stave off a projected tax increase.
The Morning Sentinel reports Madison residents approved a plan to establish a $2.5 million line of credit and use $800,000 of the town’s savings account to avoid the projected 30 percent tax increase. The value of Madison Paper Industries dropped from $229.7 million to $80 million in August, leaving the town scrambling for a way to ward off the tax hike.
About 250 people gathered Tuesday night to debate the issue. The night’s vote means the tax rate is likely to increase no more than $2.50 per $1,000 of assessed value. The tax rate was $17.53 for 2013-14. of architect Frank Lloyd Wright.
The Times Record Sustaining Sponsor
We believe a community must be informed to thrive. bowdoin.edu
Comments are not available on this story. Read more about why we allow commenting on some stories and not on others.
We believe it's important to offer commenting on certain stories as a benefit to our readers. At its best, our comments sections can be a productive platform for readers to engage with our journalism, offer thoughts on coverage and issues, and drive conversation in a respectful, solutions-based way. It's a form of open discourse that can be useful to our community, public officials, journalists and others.
We do not enable comments on everything — exceptions include most crime stories, and coverage involving personal tragedy or sensitive issues that invite personal attacks instead of thoughtful discussion.
You can read more here about our commenting policy and terms of use. More information is also found on our FAQs.
Show less