JAY — The town’s Board of Assessment Review found Friday that Verso Androscoggin LLC’s appeal application of the 2013 tax abatement was acceptable for processing, Town Manager Shiloh LaFreniere said.

Verso has appealed the $829,258 tax abatement selectpersons granted on Jan. 6.

At the time, the board agreed to lower the April 1, 2013, valuation of $815.4 million to $591.9 million.

In February 2014, Verso filed an appeal of the town’s valuation of its mill and related properties.

The company believes that it should have been valued at $460 million for that year, based on a summary appraisal by Duff and Phelps of Chicago and requested an abatement of $469 million in valuation.

Subsequently, Jay had an appraisal done on the mill by Corporate Valuations Inc. of Oregon that concluded fair market value of the property was $717.2 million before factoring in any exemptions.

The assessment review board has until March 2 to take further action on the appeal. The board would need to hold a public hearing within that period if members decide they want to have one, according to the board order approved on Friday.

Prior to reviewing Verso’s appeal application, the board elected officers.

Delance White was chosen as chairman, Ronald Guay as vice chairman and Abby DiPasquale as secretary, LaFreniere said.

dperry@sunjournal.com