Areawide property tax mill rate up slightly in borough’s budget adopted May 9

The Matanuska-Susitna Borough Assembly adopted the borough’s budget for Fiscal Year 2025 budget at a May 9 assembly meeting. The areawide mill rate was set at 8.748, up from 8.396 in the current year, and a non-areawide mill rate of .380, down slightly from the rate in the current rate of .387 for FY 2024.

The areawide mill rate is the second lowest mill rate in the past 35 years, the borough said in a press release.

The average single-family residential home value increased by 4.3% this tax year. This is significantly lower than the previous two years, which saw 9.8% and 13.3% increases. The average assessed value for the current year is $354,162 for a single-family residence, which is up from $320,668 in FY 2023, the previous year.

The average single-family residential tax bill in FY 2025 will see an increase in areawide taxes of $257 over current year.

The approved budget sustains essential services while allocating additional resources to meet the rising demands in areas like emergency medical services and transportation, largely driven by population growth. The approved budget included a 3 percent increase to schools for local education funding.

In addition to the local education operating funding, the Borough included $2.1 million in capital funding to address school deferred maintenance. The Borough capital budget also allocated funding to address ongoing maintenance needs for public safety, transportation, and select parks and recreational needs. Infrastructure investments made now are intended to reduce the need for future debt.

The Assembly made a total of thirteen amendments, including a few lowering the areawide mill rate. Community clean-up resourcing continued to be emphasized, including $75,000 allocated for junk vehicle removal and another $75,000 for property clean-up.