How to Read Your Tax Bill

How to Read Your Tax Bill

 

Navigating your property tax bill can be confusing. What do the various sections mean? Take a look at the explanation, below, for a clear description of what the numbers mean. 

  1. DISTRICT

    This represents the tax district where the property is located within the Municipality of Anchorage. The tax district location determines the mill rate to be applied to the property value in calculating the tax amount due. Click here to view Anchorage Tax District Map/Eagle River Tax District Map.

  2. ASSESSED VALUATION

    This is the taxable value set by the Municipal Assessor's Office based on land and building value as of January 1st of each tax year. This value is multiplied by the overall mill rate to calculate the tax amount due.

  3. PROPERTY DESCRIPTION

    This is the legal description of the property. The property description includes subdivision name, block #, lot #, tract and condominium name and unit # associated with the property's parcel ID #.

  4. PROPERTY IDENTIFICATION

    This is the legal description's identifying number also known as the account # or parcel #. This ID # corresponds to the legal description and is determined by the Municipal Assessor's Office.

  5. DUE DATES

    These are the due dates set for the current year tax installments. Prior year(s) taxes owing, if any, are due with the first half installment. If the account is entitled to a State of Alaska Senior Citizen or Disabled Veteran Exemption, it will appear in this column as: SOA EXEMPT.

  6. TAX AMOUNT

    This is the amount of tax principal due for each installment date. If making one payment to pay the account in full this must be made by the first installment due date to avoid penalty and interest. If the parcel is deemed SOA EXEMPT the exemption amount will appear in this column. Use payment coupons to pay "net" tax owed.

  7. INTEREST/PENALTY/COSTS

    These are applied to delinquent taxes after the original due dates for the current year's tax installments have passed. Interest accrues on the principal balance of taxes owed.  A penalty of 10% is applied one time on each unpaid installment. Costs are accrued on any delinquent tax account for foreclosure publication, notices and recordings and returned check charges, and other collection related costs.

  8. TOTAL AMOUNT

    This column is the sum of the principal, interest, penalty and costs for each billed line item. This column carries down from the top to bottom to reflect the total amount due.

  9. TAX MILL RATES

    This displays the distribution of tax dollars by service area according to the property's associated tax district location. The mill rate is applied per $1,000 of taxable value. The decimal equivalent of one mill is .001. For example, if the taxable value is $200,000 and the mill rate is 17.15 mills, the tax owing would be $3,430.00.

    Taxable Value
    x Mill Rate

    200 ($200,000 divided by $1,000)
    x17.15 Mills 

    Tax Owing
    $3,430.00

    OR
    $200,000
    x.01715

    =   $3,430.00 

  10. DISTRIBUTION

    Depending on where you live in the municipality, your tax bill is a collection of service area mill rates applicable to your property's location.  Click here to see Tax District Mill Levy Chart and Map of Tax District boundaries (Anchorage Bowl / Eagle River and Chugiak).

  11. OWNER-OCCUPIED RESIDENTIAL EXEMPTION

    In April 2005, Anchorage voters adopted a new residential exemption program allowing the Municipality to exempt 10% (up to $20,000) of assessed value on a  person's primary residence. This program is available to those who filed their residential exemption application by March 15th and who met qualification requirements.
    Your primary residence will continue to automatically receive this exemtpion each year without further filing unless the subject property no longer qualifies for the exemption. You must notify the Municipal Assessor's Office of any change in your original qualification status.

To receive more  information on exemption programs, please visit the Assessor's property tax exemption page.

To calculate your property taxes enter your address and select "Property Info" on the My Neighborhood page

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