Madison voters will consider a series of proposals aimed at reducing the impact on homeowners and businesses of a large reduction in the tax assessment for the Madison Paper Industries complex. The meeting is scheduled for Tuesday at 7 p.m. at Madison Junior High School.

A revaluation of the mill has sliced nearly $150 million from its property tax assessment, resulting in a 60 percent tax cut for its owner. Assessors have estimated that the reduction in Madison Paper’s tax bill could mean a one-third increase in taxes paid by other property owners.

Selectmen have proposed using $800,000 in savings and $500,000 in TIF funds to help close the gap. They have also cut budgets by 3 percent and eliminated $200,000 for road repairs and converting buildings to gas heat. The board has also asked voters to approve $2.5 million line of credit to pay bills while waiting for tax collections.

Town officials have posted a video and other documents outlining the plan on the town website.