3.10.060 Special property tax.
A. The city may fund a business improvement district through a special property tax levied and collected by the Matanuska-Susitna Borough on behalf of the city.
B. The special property tax shall be levied and collected by the borough against all real property in the business improvement district in the same manner as the borough levies taxes against other real property in the district, except that:
1. Real property in the business improvement district used solely for single-family residential and accessory purposes shall be exempt and shall not be subject to the special property tax; and
2. The tax shall be levied only against the first $1,500,000 of assessed value of a tax lot and the assessed value exceeding $1,500,000 of a tax lot shall be exempt and not subject to the special property tax.
C. The mill rate for a business improvement district may not exceed three mills; provided, that the petition to initiate a business improvement district may set a lower mill rate, which may not be exceeded. Subject to this limitation, the business improvement district committee (representing property owners who will bear more than 50 percent of the estimated special property taxes for a district) shall annually request the council to set a specific mill rate for the next year. The request must be in writing and delivered to the city clerk between July 1st and November 15th. The council shall consider the request, and then the council shall exercise its discretion and set the mill rate at a rate that best services the public interest. If the committee fails to duly request a specific mill rate, then the council will set the mill rate at zero.
D. All funds for a business improvement district shall be separately accounted for by the city. (Ord. 05-041 § 3, 2005)