ten years of tax relief

Anchorage Mayor Suzanne LaFrance's administration has proposed two ordinances aimed at making it easier for first-time buyers to purchase a home in the city. The first would give first-time homebuyers a ten-year property tax break on a newly built home priced at or below Anchorage's average assessed value, which sits around 490,000 dollars. The second would offer a similar break to people who buy and live in a newly built condo inside a mixed-use building that combines shops and homes, with developers who build four or more of those units also eligible.

If a first-time buyer's tax bill is lower for ten years, more of the buyer's money goes toward the home itself, which supporters say makes that first step into homeownership easier. The price cap means the break is built for starter homes, not higher-end properties.

Local home builders have raised concerns, saying that with current labor and material costs, building a home priced under 490,000 dollars is difficult to pull off.

The proposals are part of the city's goal to add 10,000 homes over ten years. The Anchorage Assembly takes up the ordinances on June 23, and they could be approved as soon as July 7.