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Home Value Appraisals, Property Tax Appeals
Alaska Property Taxes Home Property Valuation Alaska Property Tax Appeal and House Appraisal tutorial on home value appraisals and how to establish the market value of residential property and pursue a winning property tax appeal. Other books offer lot's of advice but not easy to follow actual examples for all valuation categories. Nothing comes close to this how to manual. Go to your local book shop or Barnes & Noble.com Bestsellers and see if you can find one. We're betting you can't.
Specific limitations on the property taxation powers of all general law and home municipalities limits the method by which a municipality may levy and collect taxes on oil and gas production and pipeline property. No municipality may levy taxes exceeding three percent (3%, or 30 mills) of the assessed value of property within the municipality during a year. Nor may a municipality, or a combination of municipalities occupying the same geographic, area levy taxes exceeding $1500 per resident of the geographic area in a year. The tax limitation has been interpreted by the Alaska Supreme Court to apply only to property tax. (Keane v. Local Boundary Commission, 893 P.2d 1239, Alaska 1995).
• Of the 16 Boroughs, only 12 levy a property tax.
• Only 13 Cities located outside of Boroughs levy a property tax. Therefore, only 25 municipalities in Alaska (either cities or boroughs) levy a property tax.
• The average assessed value exempted from taxes for senior citizens and disabled veterans is $122,334 which equates to a tax exemption of $1,847 per year.
• In 2004, the total full value for all municipalities (over 750 in population) was $61.5 billion (including TAPS). With a population of 648,243 the per capita full value was $94,827.
• The average per capita property tax paid in all municipalities, excluding oil and gas properties, was $1,008.
Home Property Valuation Exemptions for a more complete explantion click Alaska Home Property Taxable Exemptions
SENIOR CITIZEN AND DISABLED VETERAN PROPERTY TAX EXEMPTION
State law exempts real property owned and occupied as a permanent home by a resident, 65 years of age or older, or, by a disabled veteran with a 50% or greater service-connected disability. The exemption applies to the first $150,000 of assessed valuation.
The Renters Rebate program was created in 1976 as a companion program to the property tax exemption program. The program rebates, to eligible applicants, that portion of their yearly home rent on their permanent residence that goes towards the payment of real property taxes. Senior Citizen applicants must be 65 years of age prior to January 1 of the year for which they apply, and Disabled Veterans must be rated with a 50% or greater service connected disability.
Alaska State and Local Taxes
• Alaska is the only state that does not collect state sales tax or levy an individual income tax. There is no statewide sales tax levied.
• There is no personal state income tax.
• Alaska finances state government operations primarily on petroleum revenues. The Department of Revenue Tax Division reports regularly on the state's revenue sources and issues an annual overview of its operations, including new state laws that directly affect the tax division.
State Sales Tax
All counties and some cities levy a sales tax that could bring the combined tax rate to 10.7%. Gasoline Tax: 18 cents/gallon
• Alaska does not charge a state sales tax, 89 municipalities (reporting) levy a general sales tax. Sales tax rates range from a low of 1% to a high of 7%.
• The "typical" sales tax rates are from 3%-5%.
• Other types of local taxes levied include raw fish taxes, hotel and motel "bed" taxes, severance taxes, liquor and tobacco taxes, gaming (pull tabs) taxes, tire taxes and fuel transfer taxes.
• A percentage of revenue collected from certain state taxes and license fees (e.g., petroleum, aviation motor fuel, telephone cooperative) is shared with municipalities in Alaska.
• There is no inheritance in Alaska. Alaska Commerce Facts or more information
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• The top five states where the tax burden as a percent of income is the highest are: Maine (13.0%), New York (12.0%), Hawaii (11.5%), Rhode Island (11.5%), and Wisconsin (11.4%). The United States average is 10.1%. The District of Columbia is 12.2%.
• The five states with the lowest tax burden as a percent of income are: Alaska (6.4%) 50th, New Hampshire (7.4%) 49th, Delaware (8.0%) 48th, Tennessee (8.3%) 47th, and Alabama (8.7%) 46th. See effective state tax burden table
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