Since property owners need not re-apply for residential or senior citizen property tax exemptions every year it appears to be quite easy to keep an exemption one is no longer qualified to have. Example: someone with exemptions decides to move and retain the old property as a rental. If the move is within the MOA they can choose to not apply for the exemptions on the new property if it has a lessor assessment, or lessor mill levy then the old property. The result is more exemption then they should be getting. It is much worse in cases where someone moves out of the state, or out of MOA i
Anchorage Municipal Code 6.10.040 (A) requires the Administration to provide preliminary information regarding the 2012 budget for general government, utilities, and enterprises at least 120-days prior to the end of the fiscal year.
The Tax Cap: A Voter-Mandated Limit on Taxes In October 1983, Anchorage voters approved an amendment to the City Charter known as the Tax Cap. While some think of it as a property Tax Cap, it actually sets a limit on how much all taxes, regardless of sources, can increase from one year to the next. Other taxes subject to the Tax Cap are: automobile registration, tobacco, aircraft registration, and motor vehicle rental.
Property Taxes levied in Anchorage are approved by the Assembly.
A property tax is an ad valorem tax, which means it is based on the value of the taxable property. Taxpayers pay a flat rate per dollar value of taxable property that they own. The flat rate, called a mill levy or mill rate, is $1.00 of tax per $1,000 of assessed value.
The Municipality’s Charter requires that our local government operate under a service area concept, which means that residents in particular areas vote to approve taxes to pay for service(s) from the Municipality.