On Tuesday, the U.S. Department of the Interior announced that a total of $28.5 million will be coming to Alaskan municipalities in the form of payment in lieu of taxes, or PILT. That’s the money that the federal government pays on land it owns that is exempt from local property taxes. This year’s amount is the highest ever, and it will mean more money for many boroughs throughout the state.
The Mat-Su Borough will once again receive the largest sum, more than $3.4 million. That’s an increase over last year’s $3.2 million. PILT funds represent a substantial revenue source for the borough. Since the announcement was just made, it’s unknown what the extra money in the borough and statewide could eventually be used for.