Each year around the first of the year, our mailboxes receive a nice little green sheet of paper stating the assessed value of our homes. Our initial excitement to watch our home value grow is quickly sobered with the realization that with growth in value comes growth in property taxes.
Before writing that check you do not want to miss out on an exemption for which you may be eligible:
Residential Exemption – Owner occupied residential property may be partially exempt (40% of assessed value, up to $75,000 maximum). An application must be filed by March 15 of the applicable year and doesn’t require a refiling every year.
Senior Citizen Exemption- Up to $150,000 of the assessed value may be exempt for property owned and occupied as the primary residence and permanent place of abode by a resident senior (65 years of age or older), OR a resident at least 60 years old who is the widow or widower of a person who qualified as a senior. Applications are due March 15, and don’t require refiling each year.
These are just two of the common exemptions we as your advisors like to double check to make sure they end up in your savings bucket. Don’t let free money go missed – see the full list from the Municipality of Anchorage here.
Sadie Bjornsen Maubet, CPA
Associate Financial Advisor
Alaska Wealth Advisors, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about Alaska Wealth Advisors’ investment advisory services can be found in its Form ADV Part 2 and/or Form CRS, both of which are available upon request. Material presented has been derived from sources considered to be reliable, but accuracy and completeness cannot be guaranteed.
Note: This material should not be construed as tax advice. You should always consult with your tax professional with regard to specific tax questions and obligations.
