Source: Maine Revenue Services
FARMINGTON — The towns of Jay and Carrabassett Valley are $9.55 million apart in state valuation for 2018, with Jay’s the higher of the two.
It is quite a difference from 2014 when Jay’s value was $1 billion and Carrabassett Valley’s was $559 million.
According to Dave Cota, town manager of Carrabassett Valley, the increase in valuation was based on “very strong real estate sales and some additional second home construction.”
The Franklin County state valuation as a whole is listed as $4.37 billion, down slightly from 2017. Factored into that amount is an increase of about $6 million in the value of the unorganized territory, making it $336.45 million for 2018. The towns and organized plantations are valued by the state at $4.03 billion.
Fourteen towns in the county increased in value from last year to this year, while six decreased, according to state information.
The state valuations will affect what towns pay in county taxes once the county budget is set.
Maine Revenue Services released the equalized just value of each municipality and unorganized place in the state on Jan. 22.
State valuation “is the annual list of the equalized and adjusted just value of all taxable property in each municipality as of April 1, two years prior,” according to its website: https://tinyurl.com/yaj2awth.
Jay’s state valuation was reduced by $88.3 million in 2018 to make it $609.95 million. Carrabassett Valley’s value increased by $16.55 million to make it $600.5 million. These towns have the first- and second-highest valuation in the county, with Rangeley next in line at $529.55 million. The latter increased in state valuation from last year by $12.3 million.
Jay’s value has taken a hit over the past several years as Verso Corp.’s paper mill decreased steadily in value. The mill has shut down two paper machines and associated equipment and has laid off hundreds of workers since late 2015.
The biggest increase in valuation was in the town of Carthage, which nearly doubled in value from $43.8 million in 2017 to $85.65 million this year. The majority of the increase can be attributed to Patriot Renewables’ 12-wind turbine operation, Saddleback Ridge Wind. The project partially went online in 2015 with the entire operation going online in 2016.
Franklin County courthouse
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