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Voters approve renewal of Fairbanks borough tax cap

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Posted: Wednesday, October 3, 2012 12:37 am | Updated: 11:34 am, Mon Jan 21, 2013.

FAIRBANKS — Fairbanks North Star Borough voters overwhelmingly voted to renew the borough’s tax cap, which limits the amount of revenue the municipality can raise through property taxes.

Proposition 1, sponsored by the Interior Taxpayers’ Association, passed with 72.54 percent of the vote with all precincts reporting. The 48-point margin of victory continues the cap’s history of broad approval dating back to when the measure was introduced in the late 1980s.

The measure limits borough revenue growth to a rate equal to the Consumer Price Index increase, or roughly about 3 percent a year. The cap also allows room for new construction and emergencies.

Proposition 2, which was termed as a housekeeping measure, passed by a wide margin. Voters approved it with 87.97 percent of the vote. The passage means the Borough Assembly will continue to be elected on an area-wide basis rather than by geographic district. The measure is required after every redistricting process, which occurs following the decennial census.

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