Wiscasset and the owners of the Maine Yankee nuclear facility have reached a tentative settlement in a tax dispute that has stretched on for more than a year, according to the town.
The debate between the town and the former nuclear power company started after the state granted an exemption to Maine Yankee last year from some of its local property taxes under a program meant to reduce air emissions.
That exemption came after a previous tax agreement between the town and the company had expired. But earlier this year, Gov. Janet Mills signed a law that closed off Maine Yankee’s ability to get that tax exemption.
Wiscasset has appraised the value of the Maine Yankee property at approximately $130 million, while the company has appraised it at just $2.8 million, according to a press release from the town. But after mediation, both sides agreed to a valuation of $80 million for the Maine Yankee Independent Spent Fuel Storage Installation and its Bailey Point land.
The new valuations will apply retroactively to the last two tax years and continue through 2029, according to the release. Along with its annual taxes based on this new valuation, Maine Yankee would also pay a $365,578 impact fee, which represents the difference between its taxes at the $80 million valuation and what was already assessed for 2023 and 2024.
The Wiscasset Select Board will review the settlement at its Oct. 15 meeting, according to the town.
