Variations in Receipt of Benefit
No Variation in Receipt of Benefits
The first $150,000 of assessed value is exempt from taxation. By local option, municipalities may provide for exemption in addition to the first $150,000 in accordance with state regulations. Municipalities can provide additional relief and may adopt ordinances establishing that the individual must also meet the eligibility criteria of the Alaska Permanent Fund Dividend. Further, a municipality may by ordinance approved by the voters grant the exemption under this subsection to the widow or widower under 60 years of age of a person who qualified for an exemption.
How is Benefit Disbursed
Exemption from assessed value
Eligible Property Type
Characteristics of Eligible Property
Only residential property is eligible for this benefit.
Description of Eligibility Criteria
The exemption applies to real property owned and occupied as a primary residence by: (1) residents age 65 or older; (2) disabled veterans with a 50% or greater service-related disability; or (3) residents age 60 or older who are surviving spouses of a person otherwise qualified for this exemption. By local option, local governments may adopt ordinances prescribing that individuals must meet the eligibility criteria of the Alaska Permanent Fund Dividend in order to be eligible.
Local Option in Adoption of Program
Local government is unable to exercise an option
Local Option Regarding Program Features
Local option regarding program features
State Funding for Local Tax Loss
State and local government share the local tax loss
Description of State Funding for Tax Loss
The state reimburses local governments for that portion of the tax loss that is not discretionary to the local governing body. State reimbursement is conditional upon annual appropriations. Program costs have exceeded state funding levels since 1986 and the state has not appropriated revenues to reimburse the counties since FY1997.
Alaska Stat. § 29.45.030(i);
Alaska Stat. § 43.23.005 (in effect for 2021)
[https://www.commerce.alaska.gov/web/Portals/4/pub/OSA/Official%20Alaska%20Taxable%202020.pdf?ver=2021-02-01-094707-703 Accessed on 1/8/2022]
View Archived Source
[https://www.commerce.alaska.gov/web/dcra/LocalGovernmentResourceDesk/TaxationAssessment/PropertyTaxExemptionsinAlaska.aspx accessed 1/8/2022]
View Archived Source