Additional Tax Benefits for Anchorage and Mat-su Home Buyers

There are 2 kinds of kinds of property tax exemptions for Alaska homeowners.  1.)  Exemptions that are required by law; 2.) Optional exemptions granted by state law.  Exemptions may vary depending on each municipality. Each municipality must grant the tax exemptions that are mandated by state law. 

Anchorage Exemptions 

All applications for exemption must be filed by March 15th of the applicable year for the homeowner to be qualified for the exemptions.However, if the homeowner have applied for exemptions the previous year and there have been no changes then he/she is not required to resubmit an application for exemption. 

Several types of property exemptions are available for Anchorage homeowners and these are: (Source: www.muni.org)

1. Senior Citizen Exemption

a.) Up to $150,000 of the assessed value may be exempt for;

b.) Property owned and occupied as the primary residence and permanent place of abode by a (Senior) resident 65 years of age or older;

c.) A resident at least 60 years old who is the widow or widower of a person who qualified as a Senior.

2. Disabled Veteran Exemption

a.) Up to $150,000 of the assessed value may be exempt for;

b.) Property owned and occupied as the primary residence and permanent place of abode by a Disabled Veteran; 

c.) A resident at least 60 years old who is the widow or widower of a person who qualified as a Disabled Veteran.

3. Residential Exemption 

a.) 10% of the assessed value up to a maximum of $20,000 may be exempt for;

b.) Property must be occupied by the owner. 

4. Disaster Exemption 

Tax relief is available for owner occupied residential property at least 50% destroyed by fire.  Application must be submitted within 60 days of the fire.

5. Fire Protection Exemption 

Up to 2% of the assessed value may be exempted if the property contains an approved fire protection system.

6. Nonprofit Exemption 

Properties that are used for nonprofit religous, charitable, cemetery,hospital, educational or community purposed are exempted from taxes.

7. Business Property Exemption 

Provides a tax exemption of $20,000 of assessed value for business personal property. 

Mat-su Borough 

All applications for exemption must be filed on or before April 30 of the applicable tax year. 

Tax exemptions available for Mat-su homeowners are: (Source:www.matsugov.us)

1. Senior Citizen Exemption

a.) Property must be owned and occupied as the primary residence and permanent place of abode on January 1 of the exemption year;

b. Senior resident must be 65 years of age or older by January 1 of the exemption year;

2. Disabled Veteran Exemption

a.) Property must be owned and occupied as the primary residence and permanent place of abode on January 1 of the exemption year;

b.) Disabled Veterans must have a 50% or more service connected disability effective January 1 of the exemption year.

3. Fire Relief Exemption 

Homeowner can claim for reduction of assessment and abatement of taxes on property affected by fire.  Application must be submitted within 60 days of the fire.

There are several types of additional tax exemptions available to homeowners and it varies for each municipality.  This article can serve as a guide for filing your income taxes.  Make sure to contact the local assessor's office for an updated list of those exemptions in your area. If you have further questions, please contact our office and we can refer you to Tax Professionals to assist in your inquiries.