Example of Ketchikan Gateway Borough Property Tax Calculation
Ketchikan Gateway Borough Property Tax is calculated based on the assessed value of the property. The assessed value is determined by the Ketchikan Gateway Borough Assessor's Office, which evaluates the property's market value, location, and condition. The tax rate is then applied to the assessed value to determine the property tax owed.
For example, if a residential property in Ketchikan Gateway Borough has an assessed value of $200,000 and the current tax rate is 2.5%, the property owner would owe $5,000 in property taxes for the year.
It is important to note that property tax rates can vary depending on the location and type of property. Property owners can find their specific tax rate by contacting the Ketchikan Gateway Borough Assessor's Office.
If you want appeal your property tax assessment - contact your local tax assessor.
Ketchikan Gateway Borough Property Tax Rates
Ketchikan Gateway Borough Property Tax Rates:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Residential | $3.40 |
| Commercial | $9.35 |
| Personal Property | $9.35 |
As of 2021, Ketchikan Gateway Borough's property tax rates are $3.40 per $100 of assessed value for residential properties, and $9.35 per $100 of assessed value for commercial and personal property. It is important to note that these rates may vary based on changes in the borough's budget and tax policies.
Who sets property tax rates in Ketchikan Gateway Borough ?
The property tax rates in Ketchikan Gateway Borough are set by the Ketchikan Gateway Borough Assembly. This governing body is responsible for determining the tax rate each year during their budget planning process. The tax rates are typically established in the fall, prior to the start of the new fiscal year on July 1st. Property tax rates are based on the assessed value of a property and are used to fund various public services such as schools, roads, and law enforcement. It is important for property owners in Ketchikan Gateway Borough to keep track of the annual tax rate changes in order to properly plan for their future financial obligations.
Homestead exemptions in Ketchikan Gateway Borough ?
For Ketchikan Gateway Borough in Alaska, the following table outlines all the county-specific Homestead exemptions and deductions available. This information is relevant for anyone looking to buy or own a primary residence in this borough.
Homestead Exemptions and Deductions in Ketchikan Gateway Borough, Alaska
| Column | Description |
|---|---|
| Exemption | This column lists the specific Homestead exemptions available in Ketchikan Gateway Borough. These refer to tax breaks on property taxes. |
| Eligibility | This column provides information on who is eligible for the respective exemptions and deductions in Ketchikan Gateway Borough. |
| Amount | This column lists the amount of the deduction or exemption that can be claimed by eligible property owners in Ketchikan Gateway Borough. |
| Notes | This column provides additional notes on the exemptions and deductions available in Ketchikan Gateway Borough. These may include limits, deadlines and other important details. |
Homestead Exemptions and Deductions in Ketchikan Gateway Borough
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Primary residences of residents who have lived in Alaska for 12 months | Up to $20,000 | Applies to Borough, City and School taxes |
| Senior Citizen Exemption | Primary residences of residents who are 65 years or older | Up to $150,000 off assessed value | Applies to Borough, City and School taxes |
| Disabled Veterans Exemption | Primary residences of qualifying disabled veterans | Up to $150,000 off assessed value | Applies to Borough, City and School taxes |
It's important to note that these exemptions and deductions are subject to change, and property owners should check with the Ketchikan Gateway Borough Assessor's Office for up-to-date information.
When is Ketchikan Gateway Borough Property Tax due ?
Ketchikan Gateway Borough Property Tax is typically due on January 15th of each year. The payment methods available to taxpayers are:
| Payment Method | Details |
|---|---|
| Online | Taxpayers can make payments online through the Ketchikan Gateway Borough website. They can use a credit card, debit card, or e-check to make payments. |
| Taxpayers can also mail in their payments to the Ketchikan Gateway Borough Tax Department. The address for mailing is: Ketchikan Gateway Borough Tax Department, 1900 1st Avenue, Suite 225, Ketchikan, AK 99901. | |
| Drop Box | There is a drop box located outside of the Ketchikan Gateway Borough Tax Department for taxpayers to drop off their payments outside of business hours. |
It is important to note that if the due date falls on a weekend or holiday, the deadline is extended to the next business day. Taxpayers who fail to make their payments on time may be subject to penalties and interest charges. Therefore, it is essential to make timely payments to avoid any additional fees.
If you have more questions - contact your local tax collector.
How is Ketchikan Gateway Borough Property Tax penalty calculated ?
When a property owner in Ketchikan Gateway Borough fails to pay their property taxes on time, they may be subject to penalties. The calculation of the penalty is based on a percentage of the unpaid taxes and the length of time they remain unpaid.
Here is an example to help illustrate the calculation:
- A property owner owes $5,000 in property taxes for the 2021 tax year
- The due date for payment is December 31, 2021
- The property owner misses the due date and does not pay the taxes until March 15, 2022
- The penalty for late payment is 3% per month (or 36% per year) of the unpaid taxes
To calculate the penalty, we need to determine how many months the taxes were delinquent. In this case, the taxes were delinquent for 2 months (January and February). Therefore, the penalty will be calculated as follows:
- $5,000 (unpaid taxes) x 3% (penalty rate) x 2 (months delinquent) = $300
So in this example, the property owner would owe a penalty of $300 in addition to the $5,000 in unpaid taxes.
It's important for property owners in Ketchikan Gateway Borough to pay their property taxes on time to avoid being subject to penalties. If you have any questions about property taxes or penalties in Ketchikan Gateway Borough, you can contact the borough's tax office for assistance.
We recommend contacting the Ketchikan Gateway Borough Tax Office or a local tax professional for the most up-to-date and accurate information.