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• <br /> w oJk- s <br /> Why the changes in tax codes <br /> Ensure tax responsibility is shared fairly between <br /> Oa, E t 4 aot propositio a. sales and property taxes, and all property owners <br /> Reliance on property taxes has been growing, <br /> r - 0 -4a1 <br /> 3eE a 1 t z and is projected to widen its lead over sales taxes <br /> �,�t ,,� � � �i �EoZl$ Borough's Fiscal Year 201 8 general tax levy <br /> \gtgf 11-k 411,30i,2 <br /> is projected to increase from 4.5 mills to 5mills <br /> The borough and cities need to deal with <br /> '- g , continuing state cuts to schools and revenue sharing <br /> Updates also add efficiencies for public/borough <br /> Kenai Peninsula Borough Mayor Mike Navarre <br /> Seward City Council presentation,Sept.26,2016 <br /> Increase in taxable limit on sales Tax limit unchanged since 1965 <br /> Under existing code, the borough sales tax The $500 limit has not been changed since borough <br /> is charged on the first $500 of each transaction voters adopted the first sales tax ordinance in 1965 <br /> The proposition approved by the borough assembly If adjusted for inflation, $500 in 1965 would have <br /> for Oct. 4 ballot, if approved by voters, would raise the same buying power as more than $3,000 today <br /> taxable transaction limit to $1,000 on Jan. 1, 2017 Many Alaska municipalities have a sales tax limit <br /> If it passes, borough code would be amended to <br /> Many caps are at $1,000 or higher; some are lower <br /> exempt residential rents from sales tax Jan. 1, 2017 <br /> Home-rule cities Seward and Kenai determine their <br /> Net borough gain from higher taxable limit and own sales tax cap; other cities ruled by borough cap <br /> rent exemption estimated $2.9 million in Fiscal 2018 <br />