FAQ's About My Property

The information contained in this publication is current as of the date of publication and is intended as general information only. It does not alter or supersede any ordinances, statutes, or regulations.

The Property Appraisal Division is located in City Hall, 632 West 6th Avenue, Anchorage, Room 330. Office hours are 8:00 a.m. to 5:00 p.m., Monday through Friday. You may contact us by phone at (907) 343-6770.

Who do I talk to if I have questions about my property?
What is “Real Property”?
What is “Personal Property”?
What is “Assessed Value”?
How is property value estimated?
Why do assessed values change from year to year?
When will I receive my assessment notice?
How do I know what my property is worth?
If my property value has increased will my property taxes go up?
How are taxes determined?
Where do I get information about my taxes?
May I appeal my property taxes?
I think my value may be incorrect, should I contact the Assessors office?
Are there tax exemptions available?
How do I change the mailing address on my accounts?
How can I opt-out of having my name on Property Appraisal's website?

1. Who do I talk to if I have questions about my property?

The Municipal Property Appraisal Division is available year-round to answer your questions about both real and personal property. We are a primary source of information regarding ownership, valuation and a description of the property. We maintain a description of approximately 100,000 parcels of real property , 10,000 accounts of personal property, and maps showing the ownership and tax districts for the entire Municipality of Anchorage.

2. What is “Real Property”?

Real Property (real estate) is land and improvements to land, such as; buildings, structures, and fixtures of any kind thereon.

3. What is “Personal Property”?

Personal Property is any property other than real property. Personal property includes mobile homes located in mobile home parks.

And:

Business personal property which is composed of tangible assets, other than real property, held for use in a business. Taxable business personal property includes, but is not limited to; inventory, supplies, furniture, fixtures, equipment, leasehold improvements, and rental furnishings.

4. What is “Assessed Value”?

Assessed Value is the value subject to taxation. It is the appraised, or market value, of the property less any exemptions. Appraised Value is the estimated price that a typical buyer would pay for a property if sold on the open market as of January 1 of the assessment year. This means that your property should be appraised at 100% of market value.

It is important to recognize that buyer/seller interaction is not precise. What you would pay is not necessarily what I would pay for the same property. Market value falls within a range and the appraised value is an estimate of what a typical buyer would pay, not necessarily the exact price paid.

5. How is property value estimated?

There are three approaches to estimating market value; sales, cost and income approaches. In estimating real property values for all types of properties the assessor keeps track of:

what properties are selling for;
what it would cost today to replace them;
the costs to operate and repair them;
what rents they may earn; and
many other factors affecting value.

Utilizing this data, current market value may be estimated in three different ways. The assessor may use one or more of these approaches to estimate what your property will sell for on the open market. The approach employed depends on the type of property and quality and quantity of data available for analysis.

The sales approach compares your property to others that have sold. Sales prices must be carefully analyzed to get a true picture. One property may have sold high because the seller included substantial personal property or special financing. Another may have sold low because the seller was in a hurry or needed cash right away. By comparing numerous selling prices of properties similar to yours, adjusting for differences between the sold property and your property (e.g., two versus three bathrooms), the market value for your property is estimated.

A second way to estimate market value is based on how much it would cost to construct a new replacement building, adjust for age and condition; and, finally, adding the land value.

The third way is to evaluate how much income the property (apartment, store, factory, etc.) would produce if it were rented. The operating expenses, insurance, maintenance, and return on investment must be considered.

6. Why do assessed values change from year to year?

If you were to add a garage to your home the market value would increase, however, physical changes are not the only reason for value changes. Changes in supply and demand of properties, employment patterns, interest rates and zoning and other market factors all may affect value.

Another factor that may affect assessed value is the abundance or lack of information available to the assessor to base the estimate on in a given year. The property may have been valued below 100% of market value last year. If newly discovered information indicates that the previous value was inaccurate the new value will be different. The basic question to ask concerning your value is; “Could I sell the property at this price?”

7. When will I receive my assessment notice?

Assessment notices for Real Property are mailed no later than January 15. They are on a green postcard sized form that includes your:

parcel identification number,
legal description, and
valuation amount.

Assessment notices have important information regarding your rights to appeal and the schedule for tax payments.

8. How do I know what my property is worth?

Most people get a feel for the market in their area from talking to friends, neighbors and real estate professionals. Additionally, newspaper ads and articles, listings, and recent sales provide useful information about market conditions.

Municipal appraisers are available to answer questions year round. You may also look at the Property Appraisal website (www.muni.org/pa) to find information on properties such as assessed values, comparable sales and property descriptions.

9. If my property value has increased will my property taxes go up?

An increase in your property value does not automatically mean that your property tax will change by the same percentage. Anchorage has a tax cap in place that limits the increase in taxes using a formula based on population and inflation growth, new construction and voter approved ballot issues. (See Municipal Code Title 12, Chapter 12.25)

10. How are taxes determined?

The Assessors Office estimates property value and does not set tax rates or collect taxes. Assessed values determine the distribution of property tax among taxpayers. The budget determines taxes and is established by the financial needs and budgets approved by Municipal government, the Anchorage School District and voter approved debt (bonds).

The tax rate is expressed in mills, that is, one-thousandth of one dollar. The budget (less anticipated revenues from sources other than the property tax) is divided by the "total assessed value" in Anchorage to determine the mill rate.

Approved Budget - Other Revenue / Total Tax Base = Mill Rate

Mill rates are set in May of each year by the Municipal Assembly. Property taxes are determined by multiplying your property’s assessed value by the mill rate.

Taxes = (mill rate / 1000) x Value

11. Where do I get information about my taxes?

You can find information about Your Taxes on this website. The Treasury Division is responsible for billing, collecting and auditing municipal tax revenues. Questions concerning payment of taxes, minimum payments due, or tax refunds should be directed to the Treasury Division. The Treasury phone number is (907) 343-6650. E-mail: wwfit@muni.org

Tax revenues provide primary funding for city services such as: public safety, education, roads and transportation, health and human services, and cultural and recreational services.

12. May I appeal my property taxes?

No, appeals may only be made against the value of the property. The percent or amount of change from last year, amount of tax, mill rate, and other matters unrelated to current value cannot be appealed.

13. I think my value may be incorrect, should I contact the Assessors office?

Yes, you should contact the Property Appraisal Division to review your valuation any time you have questions regarding your property value. During the first 30 days after assessment notices are mailed we are able to review and adjust values. Property owners can often settle disagreements at this level without the need or expense of filing a formal appeal.

It is always wise to review your property information:

at the Assessor’s Office,
on the Property Appraisal website (www.muni.org/pa) , or
by phone to make sure it’s accurate.

If you have questions about your valuation notice it is best to contact us as soon as possible after notices are mailed as we are typically very busy near the end of the appeal period. You will find a contact phone number to call on the face of your assessment notice.

See our Appeals page for questions relating to who can appeal, deadlines for filing and the appeal process.

14. Are there tax exemptions available?

Yes, there are several types of property tax exemptions available. For more information see our Exemptions page.

15. How do I change the mailing address on my accounts?

Please fill out the Address change form and return it to Property Appraisal. You can mail, email or fax it to the address located at the bottom of the form.

16. How can I opt-out of having my name on Property Appraisal's website?

Property ownership records and assessment records are State of Alaska public information. Assessment records must, by statute, reflect the name of the owner of the record. However, the Anchorage Assembly, on June 23, 2020, passed Assembly Ordinance No. 2020-50. AO 2020-50 permits the Finance Department to not display or make searchable a property owner's name if the owner requests such limitation and meets specific requirements and criteria; including being a survivor of sexual assault, sexual abuse, or domestic violence.

If qualified per AO 2020-50, and you would like to opt-out, please contact Property Appraisal's Customer Service team for further assistance. You can contact Customer Service by phone at 907-343-6770, by email at propappcs@muni.org, by fax at 907-343-6659, or in person at 632 W 6^th Avenue Suite 300 Anchorage, AK 99519.

If you do not meet the qualifications under AO No. 2020-50, the best way to opt-out of having your name on Property Appraisal's website is to put your property into a trust with the Alaska Court System.

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