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April 2, 2014

Verso grants Jay extension on tax abatement ruling

Owners of the Verso paper mill in Jay have extended a 60-day deadline for town officials to act on the company’s request that its tax bill be reduced by around $6.5 million.

The Sun Journal reported Verso has agreed to give selectmen until Dec. 1 to act on the request for the town to reduce its $929 million assessment of Verso’s property by about $469 million. The company believes its property should be valued at around $460 million.

The extension comes after town officials voted on March 24 to appropriate up to $300,000 from the town’s undesignated fund to reevaluate the paper mill’s property. Jonathan Block, Verso’s attorney, wrote to the town that it expects a new appraisal by Oct. 1 and a final settlement over the tax bill by Dec. 1.

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