Do You Qualify for a Mat-Su Borough Property Tax Exemption?

Reducing Property Taxes Do You Qualify for a Mat-Su Borough Property Tax Exemption?

Save Money in Alaska With a Mat-Su Borough Property Tax Exemption

Matanuska-Susitna borough—commonly known as Mat-Su—has a growing population, low poverty, high rates of homeownership, and rising median household income.

House values are also rising by 3% per year, though, which is a higher rate than the rise in income. This means that your property tax bill as a resident of Mat-Su will have a steadily greater impact on your household finances.

While Alaska is not seen as one of the states with low property tax, its rates are not excessive, sitting at an average of 1.18%. Mat-Su’s rate is slightly lower at 1.17%.


DoNotPay is here to help you find ways to lower your property tax or get help paying your annual tax bill in Mat-Su Borough.

How Does Property Tax Work in Mat-Su?

Mat-Su’s property tax is calculated by multiplying your property’s assessed value by the local tax rate. The principle underlying this is that you should pay for the local services you need in proportion to the value of your home. Here’s how each is determined.

Assessed Value

Your property’s value is assessed by the Borough Assessor, who uses three different approaches to determining how much your home is worth:

Approach

Explanation

Sale price comparison This approach identifies nearby properties of a similar size that have sold recently and logs their sale prices. Several factors are also taken into account, namely:

  • Extenuating sales circumstances, such as a fast sale, that affected the price
  • Condition of houses sold compared to your property
  • Time of sale—typically, house prices in Mat-Su rise with demand and peak around March each year before tailing off
Build cost estimate The assessor uses local expert opinion to determine how much your property would cost to build new at today’s prices
Income-based valuation If your property is rented out or used for commercial purposes, the assessor determines a value based on the income it generates

Your assessed value is reviewed every year in Mat-Su.

The local economy also plays a part in the valuation, so your assessment will increase as your area becomes more sought-after.

Tax Rate

Mat-Su Borough funds schools, local services, the police and fire departments, and civic amenities through your property tax contributions, and the tax rate is set by the Borough Assembly.

The Assembly comprises seven members, who are elected on a three-year basis, and is highly inclusive in its methods. This means that any major financial decisions are made with the involvement of the public in general assembly meetings.

This gives you a degree of control over the property tax rate in Mat-Su Borough and ensures that it is set per residents’ wishes.

Your property tax in Mat-Su is payable in two installments, the due dates being:

  1. August 15
  2. February 15

Failure to pay your property taxes can be a serious matter, but there are ways you can reduce your property tax bill in Mat-Su Borough.

What Property Tax Exemptions Are Available in Mat-Su Borough?

Mat-Su Borough offers the following property tax exemptions to relieve your annual tax burden.

The exemptions on offer are as follows:

Exemption

Explanation

Senior citizen exemption Mat-Su residents over 65 are eligible for a $150,000 state-wide reduction on the assessed value of their home. Mat-Su Borough voted to increase this by an additional $68,000 in 2014, meaning that senior residents with property worth $218,000 or less pay no property tax
Disabled veteran exemption The same exemption applies to certified disabled veterans or their surviving unremarried spouses

There are no other exemptions available, but all residents of Alaska benefit from the state’s tax-friendly legislation. The state does not collect income tax, and it also runs a so-called “permanent fund,” which distributes annual dividends of up to $2,000 to all adult residents. This windfall effectively offsets any property tax you have to pay.

How Can You Claim a Property Tax Exemption in Mat-Su Borough?

Claiming anything to do with taxes is always complicated, but DoNotPay is here to help. We can give you a customized property tax guide that advises you on what you can claim based on your location and personal circumstances.

Our guide features two sections:

  1. Property tax exemptions
  2. Property tax appeals

Property Tax Exemptions

This section advises you on:

  • What exemptions are available in your area
  • Which documents you will need
  • How to lodge your appeal

Property Tax Appeals

In this section, we advise you on:

  • How to negotiate with the Borough Assessor
  • How to lodge an appeal

Where Can You Get DoNotPay’s Property Tax Guide?

You can get your tailor-made property tax guide easily. All you have to do is follow these steps:

  1. Sign up for DoNotPay and look for the Property Tax product
  2. Give us some personal details
  3. Wait while your personalized guide is created

Can DoNotPay Help With a Property Tax Appeal?

If you have tried all other options to reduce your property tax bill, you can appeal your property assessment to have it reduced.

DoNotPay can help you:

  • Understand the appeal process
  • Check the document requirements
  • Find out where to lodge your appeal

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