The City’s main source for funding local government services are property taxes consisting of 68% of the total annual revenues. Annually the City Council establishes the mill rate and allocation by resolution. All property not exempt under city, state or federal provisions shall be subject to annual taxation at its full and true value based on the actual value of the property assessed under Alaska State Statute 29.45.110.
The City contracts with an Anchorage based firm, Appraisal Company of Alaska, for all assessments. Please keep in mind that assessed values and market values can be very different. The State of Alaska is responsible for assessing all oil transportation and related properties falling within the Alaska State Statute 43.56.
Assessment Notices, Appeals and Tax Due Dates
Tax assessment notices are mailed on March 1st each year to the owner of record. Appeals may be filed on that assessment within a specified period of approximately five weeks. Reference the current tax calendar for the current dates for assessment, appeals, installment due dates and applicable penalties and interest for delinquencies. All appeals not resolved by the assessor, will be decided by the Board of Equalization at their meeting during the last week of April. If notice of appeal is not given during the required period, the right of appeal shall cease as to any matter within the jurisdiction of the Board, and the assessor’s value shall stand.
Properties that have unpaid taxes on January 1 of the next year will be advertised in the local newspaper and an advertising/legal fee will be added to the account. This action commences the foreclosure proceedings.