Example of Fairbanks North Star Borough Property Tax Calculation
The Fairbanks North Star Borough has a property tax system that is based on the assessed value of the property. For example, if a property is assessed at a value of $100,000, and the mill rate is set at 10 mills, then the property tax would be calculated by multiplying the assessed value by the mill rate, giving a result of $1,000. This amount would be due as property taxes for the year. Additionally, there may be additional fees and assessments that are added to the property tax bill, such as special assessments for road or sewer improvements. These fees would also be based on the assessed value of the property. It is important to note that property tax rates and assessments can vary by location, so it is important to check with the local government to determine the exact rates and fees for a specific property.
If you want appeal your property tax assessment - contact your local tax assessor.
Fairbanks North Star Borough Property Tax Rates
The Fairbanks North Star Borough Property Tax rates are listed below in a formatted table with columns for tax and rate per $100 of assessed value:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Borough Tax | $4.50 |
| School District Tax | $7.33 |
| City of Fairbanks Tax | $5.00 |
| City of North Pole Tax | $5.00 |
Please note that these rates are subject to change and may vary based on individual property assessments. It is recommended to consult with a licensed tax advisor for specific information regarding your property taxes.
Who sets property tax rates in Fairbanks North Star Borough ?
Who sets property tax rates in Fairbanks North Star Borough?
The Fairbanks North Star Borough sets property tax rates for its residents.
When are property tax rates set in Fairbanks North Star Borough?
Property tax rates are set annually during the borough's budget process, which typically takes place in the fall of each year.
How are property tax rates determined in Fairbanks North Star Borough?
Property tax rates in Fairbanks North Star Borough are determined by taking into account the borough's expenses for the upcoming year and the total value of all taxable property within the borough. The borough then sets a tax rate that will generate enough revenue to cover its expenses.
What is the current property tax rate in Fairbanks North Star Borough?
The current property tax rate in Fairbanks North Star Borough is 14.2 mills, which means that property owners pay $14.20 for every $1,000 of assessed property value.
| Fairbanks North Star Borough Property Tax Information | |
|---|---|
| Who sets property tax rates? | Fairbanks North Star Borough |
| When are property tax rates set? | Annually during budget process (usually fall) |
| How are property tax rates determined? | Based on borough expenses and total value of taxable property |
| Current property tax rate | 14.2 mills |
Homestead exemptions in Fairbanks North Star Borough ?
The table below lists all the county-specific Homestead exemptions and deductions available in the Fairbanks North Star Borough in Alaska. These exemptions and deductions can help eligible homeowners save money on property taxes.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Senior Citizen Property Tax Exemption | Age 65 or older, resident for at least 1 year | $150,000 | Reduces property value for tax calculation |
| Disabled Veterans Property Tax Exemption | Honorably discharged, 50% or more disabled | $150,000 | Reduces property value for tax calculation |
| Disabled Veterans Property Tax Exemption | Honorably discharged, 100% disabled | Full amount of assessed value | Exemption applies to primary residence only |
| Residential Property Tax Exemption | Owner-occupied primary residence | $20,000 | Reduces taxable value of property |
| Residential Property Tax Deduction | Owner-occupied primary residence | Up to $50,000 | Reduces taxable value of property |
| Personal Property Tax Exemption | Up to $20,000 worth of personal property | Full amount | Applies to personal property used for non-commercial purposes |
| Fire & Emergency Services Property Tax Exemption | Volunteer firefighters and emergency responders | $20,000 | Applies to primary residence |
| Educational Property Tax Exemption | School district employees | $20,000 | Applies to primary residence |
| Agricultural Land Property Tax Exemption | Land used for agricultural purposes | Full amount | Land must meet certain criteria |
It's important to note that eligibility requirements and exemption amounts can change over time. Homeowners should contact their local tax assessor's office for the most up-to-date information regarding these exemptions and deductions.
When is Fairbanks North Star Borough Property Tax due ?
Fairbanks North Star Borough Property Tax is typically due on August 15th of each year. Property owners within the borough are responsible for paying taxes on their real estate holdings.
Payment can be made in a variety of ways, including:
- Online: Property owners can pay their taxes online through the borough's website using a credit card or e-check.
- In person: Payments can be made in person at the borough's offices located at 907 Terminal Street in Fairbanks.
- By mail: Property owners can mail their payment to the borough's mailing address listed on their tax bill.
- Automatic payment plan: Property owners can enroll in an automatic payment plan, where their property taxes are automatically deducted from their bank account.
It is important to note that failure to pay property taxes on time can result in penalties and interest charges. Therefore, it is recommended that property owners make their payments on or before the due date to avoid these fees.
If you have more questions - contact your local tax collector.
How is Fairbanks North Star Borough Property Tax penalty calculated ?
Fairbanks North Star Borough calculates property tax penalties based on the unpaid tax balance and the number of days it remains unpaid after the due date. The penalty is calculated at a rate of 10% per annum or 0.027% per day, whichever is greater.
Here's an example to illustrate how the penalty is calculated:
Let's say a property owner in Fairbanks North Star Borough has an unpaid tax balance of $2,500 as of the due date on July 15th. The owner fails to pay the tax on time, and by August 30th, the unpaid balance has remained outstanding for 46 days.
To calculate the penalty, Fairbanks North Star Borough would first determine the daily rate of interest by dividing the annual rate of 10% by 365 days, which equals 0.027%. Then, they would multiply the daily rate by the number of days the payment was late. In this case, 0.027% x 46 days = 1.242%.
Finally, the penalty would be added to the unpaid balance to determine the new amount due. In this example, the penalty would be $31.05, calculated as follows: $2,500 x 1.242% = $31.05.
The new amount due, including the penalty, would be $2,531.05. Property owners are encouraged to pay their taxes on time to avoid penalties and additional interest charges.
We recommend contacting the Fairbanks North Star Borough Tax Office or a local tax professional for the most up-to-date and accurate information.