I have to pay property taxes on my home and land based not on what I paid for it many years ago, but on what the borough determines it is worth if it were sold to someone else today. And if I don’t pay these taxes, the borough would take my property away from me.
Now, I don’t necessarily like the way this works, but that’s the way it is. So why shouldn’t the “owners” of the gas reserves on the North Slope be treated the same way and be taxed on today’s value of that gas?
Their choice would then be simple. If they don’t like paying this tax, they could either go ahead and develop those reserves, or they could relinquish their hold on the gas and the state could allow someone else to develop it.
Vote “Yes” on 2.
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