Attention builders and developers! As you may know, there is constraint in our local housing market due to growth in the Borough. In order to address this problem, the Fairbanks North Star Borough Assembly recently approved a housing incentive for new construction of multi-family units within the city limits of Fairbanks and North Pole.
1-4 unit developments can receive a tax exemption of up to 2 years, while 5+ unit developments can receive up to a 10-year exemption.
The deadline for submittal is on or before Dec 31, 2023.
The Process:
- Download an application at fnsb.gov/assessing and submit it to the Assessing Department. (A few things you’ll need are: a map showing the entire property within city limits; drawings including site plans and floor plans; a description how your project meets the housing need, including cost, type, and energy efficiency; details of any plan to give ownership to third party after construction, and more.)
- The Assessor has 30 days to evaluate your application, and will then submit it to the Assembly with an approve/deny recommendation.
- The Assembly will make a determination about your exemption status during a regularly scheduled Assembly meeting.
Other details and exclusions apply. Please contact the Assessing Department at (907) 459-1428 if you have questions.
Want to discuss your application further before submitting? Schedule a meeting with the Mayor’s Office at (907) 459-1300.
