The City of Bath Assessor reached an agreement in June of 2021 with Bath Iron Works Corporation (“BIW”) regarding the just value of real and personal property at BIW’s shipyard in Bath, Maine. The agreement resolves two property tax abatements filed by BIW with respect to the 2019 and 2020 tax years.
For over a year (and during the pandemic), the City Assessor and our consultants thoughtfully reviewed every parcel of BIW's real estate, reexamined each item of BIW's reported personal property, and met with BIW representatives and BIW's appraisers, with the goal of ensuring BIW's assessment was reflective of just value and was fair and equitable. To resolve the matter without further costs and risk, the parties agreed to mediation, which took place in May 2021. The resulting settlement, posted below, agrees that the shipyard’s valuation in Tax Year (TY) 2020 will be reduced from $640 million to approximately $509 million, to reflect the Shipyard’s just value.
The change in BIW’s valuation reduces Bath’s total taxable valuation by just under 3%. With approval of a three-year, interest free payment plan, and the negotiated application of the valuation adjustments, the impact on all taxpayers in TY 2021 should be limited to less than $60 per $100,000 of valuation. The final tax rate for TY 2021 will be calculated at the end of August, when valuations are finalized and tax bills are prepared.
Questions concerning the abatement should be directed to City of Bath Assessor Brenda Cummings at (207) 443-8336 or email@example.com.