White Knuckle Time…..

Written by Anita Bates
January 6, 2011 1:57 pm

(Municipal Property Tax Exemption – Revisited)

If you own property in Anchorage, you should have recently received your 2011 Real Property Assessment Notice from the Municipality of Anchorage.

When you did, you probably clenched it tightly and wondered how much property tax you will pay this year. Even though the Muni provides an estimated amount, until the Assembly and Mayor agree on the budget and mill rate, we won’t know for sure.

Last issue included an article about the different tax exemptions available to property owners in Anchorage. The one that is most widely used is the Residential Property Tax Exemption which is given to homeowners that meet occupancy and ownership requirements.

A review of the Municipal Tax Records for those receiving this newsletter shows that approximately 10% of the recipients are not taking advantage of the exemption. I sent a letter to remind each of them that they are entitled to the exemption, along with the application that needs to be filed by March 15, 2011.

One of my readers called to advise that she had filed for and had been receiving the exemption, but my letter alerted her to the fact that it had been dropped in 2010. I suggested she contact the Municipality and resubmit the application.

After speaking with her I contacted the head of the Municipal Assessor’s office, Marty McGee and asked him how a homeowner’s exemption might have gotten deleted. He confirmed that once the exemption is granted, it remains intact as long as the homeowner continues to owner-occupy the property.

There are things, however, that could alert the assessor’s office to a change in status. For example, if a homeowner changes his mailing address from the physical address of the home to a post office box. In that case, the Municipality might assume that the owner is no longer occupying the home and therefore is not entitled to the exemption. The Municipality will send a letter but if they do not receive a response, they will eliminate the exemption.

It is important to check your tax records as soon as you receive your green card to be sure you are still receiving the reduction in assessed value you are entitled to. You can do so by going to the Property Appraisal page on the Municipality’s website http://redirect.muni.org/propappraisal/public.html

I check the tax rolls several times a year to update my records and will always alert you to any anomalies I might notice, but it is a good idea to make sure you check as well.

As Mr. McGee pointed out, the Municipality puts the responsibility on the homeowners to make sure the records are correct. If a discrepancy is not brought to their attention as soon as it is discovered, the owner may lose the benefit of the reduction in assessed value and will need to file for it again.

If you need further information, have questions, or need help , please call 243-8777 or e-mail anita@anitabatesrealtor.com

Property Tax Exemptions

Written by Anita Bates
October 19, 2010 2:20 pm

The Municipality of Anchorage has several types of exemptions from real property taxes.

The most commonly utilized is the Residential Exemption which applies to Owner occupied residential property.  Your home may be partially exempt for 10% of the assessed value, up to $20,000 maximum. You must own and occupy your home by December 31^st and make application by  March 15 of the applicable year. 

The second type of exemption is the Senior Citizen Exemption.  If you qualify, up to $150,000 of the assessed value may be exempt if you are 65 years of age or older and you own and occupy your home.  You also may qualify if you are at least 60 years and are the surviving spouse of a person who qualified as a Senior.  You must file the application by March 15^th of the applicable year.

A third type of exemption is available for Disabled Veterans.  Up to $150,000 of the assessed value of the home may be exempt if it is owned and occupied as the primary residence by a Disabled Veteran, or by a person who is at least 60 years old who is the widow or widower of a person who qualified as a Disabled Veteran.   The filing deadline for this exemption is March 15^th of the applicable year.

Nonprofit organizations may be eligible for tax exemptions if the property is used exclusively for nonprofit religious, charitable, cemetery, hospital, educational or community purposes.  Nonprofits must renew their exempt status annually.

Finally, a little know type of property tax exemption is the Disaster Exemption.  In some situations tax relief is available for owner occupied residential property that is at least 50% destroyed by fire. Application must be made within 60 days of the fire.  Since these situations are on a case-by-case basis, affected homeowners are directed to Contact Property Appraisal at (907) 343-6770. 

If you would like additional information or applications forms for any of these tax exemption programs, please call me at 243-8777 or e-mail anita@anitabatesrealtor.com.