By James Price
The Alaskans for Property Tax Relief Now Initiative has been certified by the Kenai Peninsula Borough Clerk and will be placed on the ballot for a vote of the people in the Oct. 1, 2013 Regular Borough Election.
The title of the initiative will be: “Proposition No. 1: Increasing the Residential Real Property Tax Exemption from $20,000 to $50,000.”
The question on the ballot will be: “Shall Kenai Peninsula Borough Initiative Ordinance 2013-02, Section 1, be ratified? Initiative Ordinance 2013-02, Section 1, would increase the allowable residential property tax exemption for qualifying taxpayers from $20,000 to $50,000. If approved by a majority of the voters, voting on the question, the ordinance shall take effect January 1, 2014.”
• “A ‘Yes’ Vote will exempt from taxation the first $50,000 of assessed value of a single parcel of residential real property owned and occupied by the owner of record as the owner’s permanent place of residence in the borough.”
• “A ‘No’ Vote will result in no change to the current tax code, and the current $20,000 residential real property tax exemption will remain in effect.”
This increase of residential property tax exemption provides some relief from the higher assessments that homeowners have faced during the last decade. Our initiative will provide a significant positive economic impact by shifting a portion of the property tax burden onto the general levy, providing direct tax relief to local homeowners who live on the Kenai Peninsula.
This initiative was necessary because the Kenai Peninsula Borough Assembly did not adopt this exemption following its passage during the 2012 statewide election. Local citizens can now exercise their right to residential property tax relief by voting “Yes” on Proposition 1 in the upcoming October 1, 2013 Borough election.
James Price is co-sponsor of the Alaskans for Property Tax Relief Now Initiative. He can be reached at email@example.com
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