State valuations flat

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State valuations of local communities were pretty much flat this year, with only slight change from 2015.

Each year Maine Revenue Services certifies the full equalized value of all real and personal property which is subject to taxation under the laws of Maine for all cities and towns in the state. Those valuation figures are used for numerous purposes, such as county tax assessments, municipal revenue sharing, and school subsidies; if a community’s valuation increases at a race outpacing others, it will see an increase in assessments and declines in revenue sharing and subsidies.

The state valuation lags actual market values and municipal assessments by nearly two years by the time it is final and certified, meaning the 2016 valuations are based on 2015 data. According to those figures, Alton,

Alton rose from $40.4.million to $40.85 million; Bradley climbed from $108.5 million to $110.2 million; Greenbush increased from $56.8 million to $57.65 million; Milford rose from $175.05 million to $175,9 million; Orono inched up from $419,2 million to $420.05 million; Old Town dipped slightly, from $486.95 millon to $486.7 million; and the Penobscot Indian Nation rose from $8.9 million to $9 million.

The valuation for Penobscot County as a whole fell slightly for this year, now standing at $10.36 billion, or about $23 million less than last year. That figure for the county as a whole – as well as local communities is below the all time peak valuation in 2010, with values falling after that as a result of the financial crisis of 2008 and subsequent recession.