(Host) The town of Littleton, New Hampshire, has agreed to repay more than $6 million that it overcharged its largest taxpayer.
The Canadian energy company TransCanada owns the Moore Hydroelectric Dam on the Connecticut River. The dam accounts for a quarter of Littleton’s tax base.
In 2006, the town raised the dam’s value from $105 million to $239 million.
TransCanada argued the value should be $100 million lower.
During the dispute the town discovered an error in its own calculations.
The settlement values the dam at $177 million. Littleton Select Board chairman Ron Bolt says the agreement is a good one.
(Bolt) "One way to look at it is for the last four years we have benefited from over taxation of the property. That will be little comfort as we move forward and have to repay a portion of that. But the good news is that both sides have agreed on the current value of the dam and we will use that value for the next three years."
(Host) Bolt says the town will ask voters to approve a bond to repay TransCanada.
The state of Vermont has hired a utility appraiser to reassess TransCanada’s Vermont dams.