9 Anchorage Property Tax Exemptions You May Be Eligible For!

Before we cover the nitty gritty of these tax exemptions, one important part you’ll want to keep in mind is the Anchorage Property Tax Exemption applications must be received or postmarked by March 15! So after reading through this you think you’re eligible to apply, don’t procrastinate it! This is for the Municipality of Anchorage only. Many of these exemption have the same qualifications and requirements but each will have a different application to be filled out according to which one you are eligible for. Don’t worry we’ll cover it and you will have all the links to click on for more info!

There are 9 different types of property tax exemption available and if you have received an exemption for a property in the previous year and haven’t made any changes of ownership or property use then there is no need for you to resubmit a new application! Although the exemptions don’t automatically transfer so if you sold your property or you purchased a new property make sure you file a new exemption application. I’ll briefly go over a little about each and link the application so you can quickly find which one is best suited for you. 

The different exemptions include:

SENIOR CITIZEN exemption up to $150,000 of the assessed value may be exempt for; property owned and occupied as the primary residence and permanent place of living by a resident 65 years and older or a resident at least 60 years old who is the widow or widower of a person who qualified as a senior citizen.

RESIDENTIAL may be partially exempt for 20% of the assessed value (up to $50,000 max).

DISABLED VETERAN exemption will be up to $150,000 of the assessed value for property owned and occupied as the primary residence and permanent place of living by a disabled veteran or the resident that is at least 60 years old who is the widow/widower of a person who qualified as a disabled veteran.

MILITARY SERVICE WIDOW/WIDOWER up to $150,000 of the assessed value, you may be exempt for property owned and occupied as the primary residence and permanent place of living of a military service widow/widower. This exemption will expire as of January 1 of the year following the date of remarriage. 

DISASTER exemption offers tax relief for an owner occupied residential property at least 50% destroyed by fire. Keep in mind application must be made within 120 days of the fire. 

NONPROFIT for properties used exclusively for nonprofit religious, charitable, cemetery, hospital, educational or community purposes. This one gets a little tricky so make sure you click the link to read more on this particular exemption.

DOWNTOWN HOUSING INCENTIVE authorizes a property tax exemption for construction of new residential units, provided a minimum of four new residential units are constructed and the construction increases the total number of residential units on property located entirely within the Central Business District. The requests for an exemption like this must be made in writing, to the Chief Fiscal Officer prior to the construction of new residential units. If you try to file an application after construction has begun you will be rejected. 

SUBDIVISION PROPERTY INCENTIVE A municipality may partially or wholly exempt from taxation all or a portion of the increase in assessed value directly attributable to the subdivision of a single parcel of property into three or more parcels and any improvements made to the property necessitated by its subdivision prior to sale or transfer. Whoa that’s a lot of technical jargon! Make sure you click the link for more info if you fall under this category. 

BUSINESS PROPERTY gets a little tricky. If you’re a new business with a value of less than $20,000 then you’ll complete the discovery questionnaire . Your BUSINESS PROPERTY ASSESSMENT RETURN will not be mailed to businesses with an assessed value of less than $20,000 in the previous tax year so be sure to fill the questionnaire out! Be sure to read on this one carefully on the muni.org page! 

Now that all the quick references have been covered, if you think you may qualify for one of these 9 exemptions, fill out your application and get it sent in as soon as you can! For more info please check the Anchorage Municipal website and view the property appraisal division headed by the Municipal Assessor.