Example of Kodiak Island Borough Property Tax Calculation
When calculating Kodiak Island Borough Property Tax, the value of a property is assessed by the borough's Assessor's Office. The assessed value is then multiplied by the mill rate, which is set annually by the borough assembly.
For example, if the assessed value of a property is $200,000 and the mill rate is 10 mills, the property tax would be calculated as follows:
$200,000 x 0.01 (10 mills expressed as a decimal) = $2,000 in property taxes.
It is important to note that property taxes can vary depending on factors such as location, property type, and exemptions. Property owners should contact the Kodiak Island Borough Assessor's Office for specific information regarding their property taxes.
If you want appeal your property tax assessment - contact your local tax assessor.
Kodiak Island Borough Property Tax Rates
The Kodiak Island Borough Property Tax rates are as follows:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| General Fund | $4.50 |
| Road Service Area | $1.50 |
| Harbor Service Area | $4.25 |
| School District | $6.50 |
| Hospital Service Area | $2.25 |
It is important to note that these rates may be subject to change and should be confirmed with the Kodiak Island Borough government.
Who sets property tax rates in Kodiak Island Borough ?
Who sets property tax rates in Kodiak Island Borough?
The Kodiak Island Borough Assembly sets property tax rates in Kodiak Island Borough. They are responsible for determining the rate of taxation for each property in the borough.
When are property tax rates set in Kodiak Island Borough?
The property tax rates in Kodiak Island Borough are set annually during the budget review process. The Assembly reviews the proposed budget and determines the necessary tax rate to fund local government operations and services. The tax rates are typically finalized and adopted before the beginning of the fiscal year, which starts on July 1st.
How are property tax rates calculated in Kodiak Island Borough?
Property tax rates are calculated based on the assessed value of the property and the tax rate set by the Assembly. The Assessor's Office determines the assessed value of the property, which is based on market value and other factors. The tax rate is then applied to the assessed value to determine the property tax amount owed.
| Body | Property Tax Rates |
|---|---|
| Residential | 0.00725 |
| Commercial | 0.0155 |
| Personal Property | 0.0155 |
The table above shows the current property tax rates for Kodiak Island Borough. Residential properties are taxed at a lower rate than commercial and personal property.
Homestead exemptions in Kodiak Island Borough ?
To help homeowners in Kodiak Island Borough, Alaska understand the various Homestead exemptions and deductions available, the following table includes all county-specific information:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Basic Exemption | Primary residence | Up to $20,000 | Must be applied for by March 31 |
| Elderly Exemption | Age 65 or older | Up to $10,000 | Must be applied for by March 31 |
| Disabled Veteran | Honorably discharged veteran with 50%+ disability rating | Up to $150,000 | Must be applied for by March 31 |
| Military Service | Active duty military | Exempt from property taxes | Applies to primary residence and up to one acre of land |
| Property Tax Deferral | Low-income elderly or disabled homeowners | Deferred payment of property taxes | Must meet income and equity requirements |
It's important to note that homeowners must apply for these exemptions and deductions by the March 31st deadline. Additionally, the eligibility and amount may vary depending on individual circumstances. Homeowners are encouraged to contact the Kodiak Island Borough Assessor's Office for more information and assistance with applying for these benefits.
When is Kodiak Island Borough Property Tax due ?
According to the Kodiak Island Borough website, property taxes are typically due on January 15th of each year. However, the borough does offer a 60-day grace period, meaning that taxpayers have until March 15th to pay their taxes without incurring any penalties.
There are several payment options available for taxpayers in Kodiak Island Borough. These include:
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Online payments: Taxpayers can pay their property taxes online using a credit or debit card. The borough's website provides a link to the payment portal, which is powered by a third-party vendor.
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Mail-in payments: Taxpayers can also mail in their tax payments using a check or money order. The mailing address is provided on the tax bill.
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In-person payments: For those who prefer to pay in person, the borough's finance department is located at 710 Mill Bay Road in Kodiak. Payments can be made using cash, check, or money order.
It's worth noting that the borough does not accept payments over the phone. Additionally, if taxes are not paid by March 15th, a penalty of 10% of the unpaid balance will be assessed. Interest will also accrue on any unpaid taxes at a rate of 1% per month.
Overall, taxpayers in Kodiak Island Borough have several convenient options for paying their property taxes. By making sure to pay on time, they can avoid costly penalties and interest charges.
If you have more questions - contact your local tax collector.
How is Kodiak Island Borough Property Tax penalty calculated ?
Kodiak Island Borough property tax penalty is calculated based on the amount of delinquent taxes owed. The penalty is added to the original tax amount and increases over time until the taxes are paid in full.
Here is an example to further explain how the penalty is calculated:
| Time Elapsed | Penalty Amount |
|---|---|
| 1-30 days late | 5% of unpaid taxes |
| 31-60 days late | 10% of unpaid taxes |
| 61-90 days late | 15% of unpaid taxes |
| 91-120 days late | 20% of unpaid taxes |
| Over 120 days late | 20% of unpaid taxes plus additional legal and administrative fees |
Let's say John owns a property on Kodiak Island and his property tax is due on January 1st. John didn't pay his taxes until April 30th, which is 120 days late. John's original tax amount is $10,000. Based on the example penalty table above, John would owe an additional $2,000 in penalties, which is 20% of his original tax amount. Therefore, John would owe a total of $12,000 in taxes and penalties.
It's important to pay property taxes on time to avoid accumulating penalties and interest. Property owners in Kodiak Island Borough can pay their taxes online or in person at the borough office.
We recommend contacting the Kodiak Island Borough Tax Office or a local tax professional for the most up-to-date and accurate information.