Madison paper mill value plunges by $150M
The value of the Madison Paper Industries mill is set to decrease by nearly $150 million, which is expected to cause an approximately 30% tax hike for local property owners.
Citing the declining market for paper products in North America, Madison’s board of assessors reached that conclusion after having a “frank” discussion with the company’s management, William Van Tuinen, assistant to the board of the assessors, told the Morning Sentinel this week. “It’s a very, very substantial reduction in valuation,” he added.
The paper mill’s valuation is now $80 million, a steep decrease from its previously assessed value in 2013 at $229.7 million, the newspaper reported.
The valuation decrease has town officials grappling with how to mitigate its impact on taxpayers, given that the town’s municipal and school budgets have already been set. As it currently stands, the tax rate is set to increase from $17.53 per $1,000 of assessed value to $23.20 per $1,000, Van Tuinen told the Morning Sentinel.
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