LIVERMORE FALLS — Selectmen voted Tuesday to keep the property tax rate the same as last year, at $23.20 per $1,000 of assessed value.
Assessing agent Paul Binette told the board there were a few ups and downs in valuation.
“However in the end we came out OK,” he said.
Eagle Creek Renewable Energy’s hydroelectric facility in Livermore Falls has lost about $9 million in valuation since last year, according to Livermore Falls assessing agent Paul Binette. There was a lot of deferred maintenance by a previous owner, he said. Donna M. Perry/Sun Journal
The valuation of the Eagle Creek Renewable Energy’s hydroelectric generator in Livermore Falls, known as the Livermore facility, was valued without exemptions factored in at nearly $10.6 million this year, compared to about $19.5 million last year.
It is about a $9 million valuation loss, according to Binette’s information. After exemptions are factored in, the taxable value is $7.6 million, which equals about $177,098.13 in taxes. There is a lot of deferred maintenance on the facility from a previous owner, he said.
The total valuation of the power generator in Livermore Falls is $11.4 million, which includes the part that extends into Livermore.
They have a lot of maintenance to catch up with, he said.
“They are not willing to abandon ship,” he said.
The intention is to revisit the hydroelectric facility valuation as repairs progress, he said.
The overall valuation of the four hydroelectric facilities — two in Jay, one each in Livermore and Livermore Falls — for this year was $45.1 million, without exemptions. With exemptions, the net taxable value is about $29.4 million. The valuations were developed by George Sansoucy Associates of Lancaster, New Hampshire.
It also includes values from parts of the facilities in Canton and Dixfield. Those were valued in both 2020 and 2021 at $324,020 and $17,400, respectively, according to Binette’s information.
The four power generators were purchased in 2016 for nearly $62 million from Verso Corp. The combined valued of the property was nearly $62.7 million last year. The facilities were purchased in 2018 by a Canadian company.
Jay, Livermore and Livermore Falls pitched in $5,000 each in August to have Sansoucy, who is an appraiser and engineer, set values for the facilities.
On the flip side, Binette said the town gained about $8 million in valuation for the work done on the New England Clean Energy Connect corridor project.
With that, the board could keep the same tax rate as last year, he said, and have a nearly $20,776 layover. The latter is used in case of abatements but if not used, it would go into the town’s undesignated fund at the end of the year.
Binette gave the board different options, including one that would have increased the current rate by 10 cents to have more layover.
Board Chairman Jeff Bryant said he was OK leaving the rate the same as last year.
“It seems good to keep it the same,” Selectman William Kenniston said.
Tax bills will be sent soon. The first half is due Oct. 22 and the second half is due March 25, 2022, Town Manager Amanda Allen said.
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