Do You Qualify for a Property Tax Exemption?

ResExemptionForm

Today I want to talk about something you can do to lower your property taxes:  Tax exemptions.  Most people qualify for some kind of exemption.  Exemption forms need to be postmarked or filed in person by March 15th to apply to this year’s taxes. There is no online application, so make sure you have the time to print the form and mail it in. If you do qualify for an exemption and have not yet filed, I have provided a link to the Municipality of Anchorage page with the applications.

The Residential Exemption- The only requirements are that the owner lives in the building. If you live in your home you qualify for a 10% reduction in taxable value up to $20,000.

Senior Citizen Exemption- Up to $150,000 of the value of property owned and occupied by a person 65 years of age or older may be exempt from taxation. If you are a widow or widower of 60 years or older and your late spouse qualified as a senior (65 or older) then you may also qualify.

Disabled Veteran Exemption- If you are a disabled veteran and you own your home you may qualify for an exemption for up to $150,000 of the value of the property.

Widow/Widower of Military Spouse-If your spouse was military and has passed away, you may qualify for up to $150,000 exemption.  This exemption does expire on January 1st after the year you remarry.

Those are the main residential property tax exemptions in Anchorage, but there are also exemptions for other things such as fire protections systems, destruction of your house by fire, and even business exemptions. For more information visit the Municipal Tax Exemption Page.  You can find more information as well as links to the applications.  Contact me if you have any questions or if I can help in any way.

As always, if you like my post or have any information you want to contribute let me know by commenting below or on my facebook!

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