Sappi: Skowhegan $100M valuation drop not enough
Sappi North America is formally seeking a further reduction in the property valuation for its Skowhegan mill, claiming the $100 million valuation decrease the town approved last year was not enough.
The Bangor Daily News reported Sappi announced its abatement request on Monday, saying it is “critical to the long-term financial health of the mill.”
The newspaper reported that an appraisal Sappi commissioned from Duff & Phelps came in at $326 million for its Skowhegan mill and property, which is $238 million lower than the valuation of $564 million that town officials cut by $100 million last year. Sappi’s appraisal also is $138 million lower than its current $464 million valuation.
In January, Jay town officials voted to lower the valuation of Verso Paper's mill there by approximately $223 million, from $815 million to $591.9 million for the 2013 tax year, but the company said it should be even lower. Last fall, Madison selectmen discussed the possibility of seeking greater educational funding from the state to help mitigate a $150 million decrease in Madison Paper Industries' valuation.
Source: Bangor Daily News
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