The coronavirus is going to cause a huge cost for Anchorage citizens and taxpayers.
I propose that property taxes for this year be paid by bonds because of coronavirus. Mayor Ethan Berkowitz has said that the level of bonded indebtedness is low based on Anchorage history. With interest rates at or near zero and with a AAA bond rating, we should bond for city and school district needs this year and postpone property taxes to be paid over the next 20 years.
This would be historic, but an event like the coronavirus has never been experienced by Anchorage before to this extent, and probably won’t be again.
Basically, we would loan each taxpayer the money to pay his/her property or business personal property taxes this year and then they would pay back the loan over the next 20 years. That loan, because of inflation, would be or seem to be less each year. People would have the option to just pay their taxes. This would put approximately $500 million dollars in the Anchorage economy when some individuals and businesses are going to need it.
— Tom McGrath
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