This October, Kenai Peninsula Borough residents will be asked to decide whether the local property tax exemption should remain at $20,000, or be increased to $50,000. James Price and Fred Sturman authored the proposition and gathered the necessary public support to get it on the ballot.
Sturman said the State gave permission for the increase, through a vote on August 28 of last year, but the Borough hasn’t yet made any changes. So, they’re taking it to the people…
Sturman: “All we’re going to do is just do it by the word of mouth, and we’re asking everybody to tell their friends and neighbors and then let the other friends and neighbors tell people and just have the pyramid system, that’s the only way we can get our word out that’ll it be on the ballot, and to get out and vote.”
As part of the ballot proposition, the Borough has included the following fiscal note, describing how a change would affect their funding:
Based upon current assessed values, this increase in the tax exemption would result in a loss of approximately $1,300,342 in annual tax revenues to the borough’s general fund.
For more, read: Borough Ballot Proposition One.