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Borough Assembly passes new property tax deferral plan

Fairbanks, AK - The Fairbanks North Star Borough Assembly approved an ordinance during Thursday night’s meeting that defers property taxes on lands subdivided into three or more vacant or unimproved properties.  
Interior Alaska Builder’s Association spokesman Darrel Bourne told the Assembly there was a great need for the ordinance. “It’s been brought forward now just to help kick start the lag in new construction and development," he said.   The ordinance was sponsored by Assembly Mike Musick.  The new law defers property taxes fro a maximum of five years.  The deferral is terminated if ownership changes or if the owner makes improvements to it.  The deferment is not mandatory.