Mill site owner American Iron and Metal and the town met in the middle on the tax break AIM sought on its property at 2 River Road about two months ago, Town Manager Susan Lessard said.
AIM subsidiary Bucksport Generation LLC, which owns the site’s power plant, wanted the valuation of the site’s gas-powered electrical generator cut by about a third, to $42 million from $60 million, but agreed to a valuation of $50 million, Lessard said.
“The request had been anticipated since AIM purchased the property,” Lessard said. “The last time the town had this property appraised was in 2015, right after the mill closed, and AIM has done substantial work removing things and reorganizing the site’s generational capacity.”
AIM officials have declined to comment on their abatement request since filing it in late February.
At the town’s present tax rate, $16.30 per $1,000 of assessed value, Bucksport Generation owed $983,036 in property taxes to Bucksport for the $60 million valuation on the mill site property.