What You Should Know About Anchorage Residential Tax Exemption

Did you know that there are several types of property tax exemptions available that may be applicable to you?

A residential tax exemption is an amount of value that may be exempt from taxation. In Alaska, there are two. First are the law-required exemptions. Second, are the enacted optional exemptions granted by the taxing authority.

If you think you are qualified or would like to know more about any of these tax exemption options, here are some important things to remember:

1.      Residential tax exemptions apply for a property you own and occupy as your primary residence and permanent place of abode.

2.      Application deadline is every 15th of March of the tax year so be sure to apply before then.

3.      It is your responsibility to ensure applications were filed correctly. Be sure to get the receipt of the application by the MOA.

4.      Notify the tax assessor if there were any changes in ownership, use or occupancy of the property to know if you need to do or follow anything.

5.      If there are no changes and you already submitted and received an exemption last year, keep In mind that you don't need to submit another one this year.

In Anchorage, here are the several types of property tax exemptions available:

1.      Residential Exemption - just having your own occupied primary residence property can give you a partial tax exemption on its 20% assessed value up to $50,000 maximum.

2.      Senior Citizen Exemption - Senior resident (65 years of age or older) or his/her widow/widower of at least 60 years old may be exempt for up to $150,000 of the assessed value of the property.

3.      Disabled Veteran Exemption - disabled veteran or his/her widow/widower of at least 60 years old may be exempt for up to 150,000 of the assessed value of the property.

4.      Military Service Widow/Widower Exemption - up to $150,000 of the assessed value may be exempt but it will expire on the 1st of January following the date of succeeding marriage.

5.      Disaster Exemption - if your property has been damaged or destroyed by at least 50% because of fire, you may be qualified for a tax relief given that you applied within 20 days of the fire.

There are also exemptions applicable for non-profit organization and business personal property.

Hope this information helps you in some way. Leave any comments, questions or suggestions you have below.