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FAIRBANKS — Alaska voters will decide in 2012 whether local governments can give homeowners a bigger tax break by increasing property tax exemptions.
The Fairbanks Daily News-Miner reports the initiative sponsored by Fairbanks North Star Borough Assemblywoman Nadine Winters has been approved by the state and will appear on the ballot during the next primary election.
In Fairbanks, as an example, current law allows taxpayers who own a home and live there for at least half the year to deduct $20,000 from assessed value when paying taxes.
If voters approve the new measure, the Fairbanks North Star Borough could raise the exemption to $50,000.
The measure would not force municipalities to increase exemptions. But it would let local government determine their levels and adjust for cost of living.