December 26, 2024

1. On Trend vs. Trendy

• The difference between following timeless trends (3-5 years) and fleeting fads (1-3 years).
• Insights on how trends influence design: Colors and Surfaces.

2. A Boxing Day Treat: The Millionaire Maker

• 6 Practical Steps to Your First Four Homes: A roadmap to financial freedom and building a legacy.
• Excerpt from The Millionaire Maker by Chris Story, narrated by Michael Dukes.

3. Mind Bender

Sponsored by AJ’s Old Town Steakhouse & Tavern.

Question: Describe 2024 in three words. Call or text your answer to 907-299-7653!

4. Words of Wisdom

• Winston Churchill on the virtues of profit and the vices of loss.
• Christopher Morley on the art of pajamas (and a little humor about self-confidence).

5. Millionaire Mindset: How to Build Wealth in Your Backyard

• Set big goals, work backward, and celebrate micro-goals along the way.
• Remember: Success often hides the sweat, pain, and effort behind it.

6. Finding the Deal of the Decade in 2025

• Deals are rarely found; they are made.
• Measure your success with your Personal Return on Investment (PROI):
• Cash on Cash Return
• Cash Flow
• Appreciation Over Time
• Legacy and Ownership Pride
• Community Impact

Missed Our Talk with Kristen Faulkner?

Gold medal cyclist Kristen Faulkner shared her secrets to success. Catch it on the podcast page at ILoveHomerAlaska.com!

Link to the FAIR ACT: Click HERE

The Fair Act - Property Tax Reform

A Resolution to Reform Property Taxation on the Kenai Peninsula

WHEREAS, the current property tax system on the Kenai Peninsula is based on assessed property values, which often include unrealized gains due to market fluctuations, leading to a significant financial burden on property owners;

WHEREAS, this taxation system disproportionately impacts long-term property owners, retirees, and working families by taxing them on theoretical, unliquidated increases in property value rather than actual realized income;

WHEREAS, Proposition 13 in California has demonstrated the effectiveness of limiting property tax assessments and increases to provide stability and fairness to property owners;

WHEREAS, the Kenai Peninsula residents deserve a property tax system that is predictable, equitable, and reflective of their ability to pay;

THEREFORE, BE IT RESOLVED, that the Kenai Peninsula Borough adopts The Fair Act - Property Tax Reform, which includes the following provisions for residential and commercial properties located in the Kenai Peninsula Borough:

1. Establishment of a Base Year Value System

o Property tax assessments shall be based on the property's fair market value as of the 2018 tax year (the "Base Year").

o Newly purchased properties shall be assessed based on their purchase price.

2. Cap on Annual Increases

o Annual increases in assessed value for taxation purposes shall be capped at 2% or the rate of inflation, whichever is lower, provided no significant improvements or changes in ownership occur. (or shall remain unchanged ..TBD)

3. Tax Rates

o The property tax rate shall remain consistent at no more than 1% of the assessed value.

4. Transfer of Property Ownership

o Upon the sale or transfer of property, the assessment will reset to the purchase price of the property, establishing a new base year for the new owner.

o Transfers between family members (e.g., parent to child or grandparent to grandchild) may qualify for a reassessment exclusion to encourage generational property retention.

5. Protections for Senior Citizens and Disabled Residents

o Senior citizens and residents with disabilities shall be exempt from property taxes (primary residence), ensuring affordability for vulnerable populations.

o Note the existing exemption criteria for elders is “Individual Age 65 or Older or Surviving Spouse Age 60 or Older”.

6. Prohibition of Tax on Unrealized Gains

o Property taxes shall not include or consider speculative increases in market value that have not been realized through sale or other liquidating events.

7. Reduction of Tax due to Reduction in Market Value

◦ If the market value drops below the assessed value, the property owner can request a reduction in the assessment and a commensurate reduction in Property taxes.

BE IT FURTHER RESOLVED, that the implementation of The Fair Act will ensure that property taxes are fair, predictable, and not punitive, fostering stability for residents and protecting the rights of property owners on the Kenai Peninsula.

BE IT FINALLY RESOLVED, that this resolution shall be submitted for approval by the voters of the Kenai Peninsula Borough during the next regular election, with the goal of enacting these reforms for the 2026 tax year.

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