The City of Dryden won't be catching a break on the devastating mill re-assessment that has now created a gaping hole in the city's finances.
After a review, The Municipal Property Assessment Corporation concluded there are no grounds for a reversal of their Assessment Review Board's decision. That ruling called for a 72 per cent reduction in the Domtar mills property value from $50-million down to just $14-million.
The result will mean a loss of $1-million in property tax revenue for Dryden's 2013 operating budget, as well as a $5.4 million tax rebate to the company for the past four years.
MPAC officials say however there are still technical issues to be resolved in the ruling.
The city will still have 30-days after the final decision to make an appeal.
Dryden Mayor Craig Nuttall says they will continue to fight the re-assessment and are prepared to take the matter to court.
(Thunder Bay Television)
