Richard and Vanessa Jordan, the new owners of the former Wiscasset Raceway, were relieved when the town's Board of Selectmen unanimously approved a reduced valuation and tax abatement on their newly acquired property during a special meeting Tuesday night, August 28. 

Assessor's Agent Sue Varney said the decision means a loss of over $12,000 in tax revenue for the town, but the new property owners were looking at tax payments on property valued at over $1.2 million due to a previous year's tax assessment error.

Selectmen decided the racetrack and 35 acres of land should be valued at $386,600, which is $839,500 loss in valuation using last year's mil rate of 0.01515.

The couple approached the town when it was discovered the racetrack, land and a rental house on the property were valued at the high rate. Varney said she examined the property following the sale and found the error. 

Wiscasset conducted a town-wide revaluation of property in 2007 and at the time, the racetrack property was incorrectly categorized as “commercial prime,” according to Varney.  This resulted in a 600 percent increase over the previous year's value. Varney told selectmen the commercial prime designation applies to commercial properties along Route One that benefit from town amenities, such as town water and sewer. 

“Anyone can tell you there is no commercial prime property on the West Alna Road,” Varney said during a previous interview. “I felt like the number was just thrown out there; it just doesn't make any sense.”

In response to town manager Laurie Smith's questioning the timing of the revaluation, Varney said she had just recently discovered the discrepancy.Had the previous owner, Douglas White, come to the town to contest it she would have addressed the issue, she said. According to Varney, White paid $500,000 for the track in 2007 and he paid taxes on the property up until 2010. 

The exchange between Varney and Smith indicated that in requesting the revaluation and tax abatements, the town is treating the property in the same manner as other, comparable properties in town. 

“I didn't create these numbers,” Varney said. “I'm just trying to correct the issue.”

Taxes owed on the property for 2010 and 2011 were $39,412 for the racetrack and $1511 for the rental house, according to the minutes taken from the board's Aug. 7 meeting. According to Smith, the Jordans paid these taxes. However, a 2012 valuation of over $1 million would have proven burdensome for the couple, as they indicated at the last selectmen's meeting. 

Varney did a comparative analysis of other racetracks in the state to assist in the revaluation process. There were a number of other factors that weighed onto the decision to permit a revaluation of the property.

A site visit from the Department of Environmental Protection revealed an approximate 1200 foot long dump where old tires, wood, construction debris, gas tanks and scrap metal were found. Officials also discovered about 1500 tires piled up on one section of the property, presumably to protect drivers skidding off the track.

One building on the property was classified to be 100 percent functional, unlike the other buildings there that were deemed to be just 50 percent functional. And since Varney was unable to inspect all of the equipment, vehicles and other personal property on site, she recommended they be valued as 25 percent functional until they can determine their condition.

The house is not “move-in” condition, Varney states in a letter to the Board. It needs a fresh coat of paint in some areas, a cleaning and minor repairs, but its value does not need to be adjusted. Varney said it looked as though the previous inhabitants had just left one day expecting to return.

Back to the past: from 'Raceway' to 'Speedway'

The Jordans know they have some work ahead of them to get the property back in shape, but they hope to have a race by October. 

“Our first goal is to bring it back to a nice piece of property,” Richard said.

He and Vanessa are looking forward to a community clean-up day, hesitantly planned for Sunday, Sept. 16. Vanessa said water tests taken there had all passed inspection, which she said allowed her and Richard to close on the property. 

They plan to rename the track to what it was when it first opened in 1968: “The Wiscasset Speedway.”