Similarly, Alaska does not have a statewide sales tax, though localities can and sometimes do impose one. Property taxes are a significant source of revenue for states and the largest source of tax revenue for localities.
Nationwide in FY18, property taxes consisted of 7 2 percent of local tax collections and 31 percent of total U.
Property taxes were the largest share of local revenue in all but two states , Arkansas and Louisiana, which rely heavily on high local sales taxes.
Property taxes are usually based on the fair market value of a property, while in commercial cases property taxes are based on income pote ntial , with Alaska imposing rate limits and levy limits which serve to constrain property tax growth. Property taxes are determined by a variety of local political subdivisions, including boroughs, cities, school boards, fire departments, utility commissions, and more. Alaska ranked second for the percent of total state and local tax collections that are property taxes , with property taxes accounting for nearly 46 percent of tax collections in FY She is passionate about helping provide people and businesses with valuable accounting and tax advice to allow them to prosper financially.
The average effective property tax rate in the state is 1. A financial advisor in Alaska can help you understand how homeownership fits into your overall financial goals. Financial advisors can also help with investing and financial plans, including taxes, homeownership, retirement and more, to make sure you are preparing for the future. Property taxes in Alaska are administered entirely at the local level.
Boroughs the equivalent of counties and cities assess property values and apply rates to fund local government functions and school districts. While the municipality assigns all property a value every year, the local assessor is only required to visit a property for appraisal once every six years. Homeowners who feel that their assessed value is incorrect have 30 days to file an appeal with the local Board of Equalization. Supporting evidence must be filed within 45 days.
There are a number of property tax exemptions available in some Alaska municipalities. These exemptions lower your assessed value and therefore the amount of taxes you have to pay. Alaska property tax rates are recalculated each year after all property values have been assessed.
Tax rates are based on the total value of each property and the amount of revenue needed to maintain government budgets. The table below shows tax rates and average annual payments for all Alaska municipalities and boroughs that collect property tax. It shows the average effective tax rate, which is what residents will actually pay, taking into account all exemptions.
Want to learn more about your mortgage payments? Check out our mortgage calculator. It also has one of the highest property taxes in the state. Without claiming any exemptions, homeowners in Anchorage would pay a property tax rate of 1. In total, these exemptions alleviate part of the property tax burden of Anchorage residents. If you have questions about how property taxes can affect your overall financial plans, a financial advisor in Anchorage can help you out.
The Fairbanks North Star Borough, which contains the city of Fairbanks, has slightly lower property taxes on average than the city of Anchorage.
The borough-wide average effective property tax rate in Fairbanks North Star is 1. The average effective property tax rate in Matanuska-Susitna Borough is 1. Both the borough and several cities within the borough, including Palmer and Houston, levy property taxes. The average effective property tax rate in the Kenai Peninsula Borough is just 0. Important Due Dates. How to Read Your Tax Bill. Mill Levy Table. Tax District Map Anchorage Bowl. Tax District Map Turnagain Arm.
Property Tax Law Excerpts.
0コメント