Verso seeks $6.5M tax abatement in Jay
Verso Paper is contesting the town of Jay’s valuation of its property, requesting an abatement of $469 million in value that is the basis for around $6.5 million of its $9 million tax bill.
The Sun Journal reported the company hired outside appraiser Duff & Phelps of Chicago to contest the town’s $815.4 million valuation of the mill property. The mill has an additional $111.9 million in taxable assets that are exempt under the state’s Business Equipment Tax Exemption program. The mill also received about $2.4 million last year through a 20-year tax increment financing agreement with the town.
Verso said in its request that the town’s appraiser did not use proper appraisal techniques. The town’s Board of Selectmen now have 60 days to act on the request. The paper reported the company’s tax payments account for nearly 69% of the town’s property taxes.
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