Example of Matanuska-Susitna Borough Property Tax Calculation
The Matanuska-Susitna Borough calculates property tax based on the assessed value of the property. The assessed value is determined by the borough's appraisal department and is equal to the estimated fair market value of the property, taking into account its location, size, and condition.
To calculate the property tax, the assessed value is multiplied by the borough's 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 $2,000 (200,000 x 0.01 x 10).
In addition to the mill rate, there may be other taxes or assessments that are added to the property tax bill, such as special assessments for road or sewer improvements.
Property owners in the Matanuska-Susitna Borough can pay their property taxes in full or in installments over a period of time. Failure to pay property taxes can result in penalties and interest, and could ultimately lead to foreclosure proceedings.
It is important for property owners to keep track of their property tax payments and stay up-to-date on any changes to the mill rate or other taxes and assessments.
If you want appeal your property tax assessment - contact your local tax assessor.
Matanuska-Susitna Borough Property Tax Rates
The Matanuska-Susitna Borough Property Tax rates are:
| Tax | Rate per $100 Assessed Value |
|---|---|
| Borough General Fund | $1.45 |
| School District | $5.98 |
| Service Area | Varies by Area |
| Road Service Area | Varies by Area |
Please note that the Service Area tax rates vary depending on the specific service area. It is recommended that residents check with their local borough office for more information.
Who sets property tax rates in Matanuska-Susitna Borough ?
The Matanuska-Susitna Borough sets property tax rates for its residents. This is done annually by its Assembly, which is made up of nine elected members. The Assembly reviews the Borough's budget and determines the tax rate needed to fund its services and operations. The tax rates are typically set in the fall and become effective on the following January 1st. Property taxes are collected by the Borough's Finance Department and are due by the end of the year. The amount of property tax owed is based on the assessed value of the property and the tax rate set by the Assembly.
Homestead exemptions in Matanuska-Susitna Borough ?
To help Matanuska-Susitna Borough residents determine their eligibility for Homestead exemptions and deductions, the following table includes all available options for the area.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Senior Citizen | Must be 65+ | Up to $150,000 | Adjusted based on income |
| Disabled Veteran | Must have 50%+ disability | Up to $150,000 | Adjusted based on income |
| Residential Property | Must be primary residence | Up to $20,000 | Not applicable to commercial properties |
| Educational | Must be used for education | Up to $10,000 | Not applicable to commercial properties |
| Fire Protection | Must be located in service area | Up to $10,000 | Not applicable to commercial properties |
It is important to note that all exemptions and deductions are subject to change and residents are encouraged to check with the Matanuska-Susitna Borough Assessor's Office for the most up-to-date information.
When is Matanuska-Susitna Borough Property Tax due ?
Matanuska-Susitna Borough Property Tax is typically due on June 15th of each year. There are several payment methods available for taxpayers to use, including:
- Online: Taxpayers can pay their property tax online using the borough's website. Payments can be made using a credit/debit card or e-check.
- Mail: Payments can be mailed to the borough's tax office. Taxpayers should include their tax statement and a check/money order for the amount due.
- In person: Taxpayers can pay in person at the borough's tax office. Payments can be made using cash, check/money order, or credit/debit card.
It's important to note that late payments will incur a penalty and interest charges. Taxpayers who are unable to pay their property tax in full by the due date may be eligible for a payment plan. More information about payment options and deadlines can be found on the borough's website.
If you have more questions - contact your local tax collector.
How is Matanuska-Susitna Borough Property Tax penalty calculated ?
Matanuska-Susitna Borough Property Tax Penalty Calculation
When a homeowner in Matanuska-Susitna Borough fails to pay their property taxes by the deadline, they may incur a penalty. The penalty is calculated as a percentage of the unpaid taxes, and the percentage increases as time goes on.
Here's an example:
| Time Elapsed | Penalty Percentage |
|---|---|
| Up to 30 days | 2% of unpaid taxes |
| 31-60 days | 4% of unpaid taxes |
| 61-90 days | 6% of unpaid taxes |
| 91-120 days | 8% of unpaid taxes |
| Over 120 days | 10% of unpaid taxes |
Let's say a homeowner owes $2,000 in property taxes and misses the deadline by 60 days. The penalty would be 4% of the unpaid taxes, which is $80 ($2,000 x 0.04). So the homeowner would owe a total of $2,080 in taxes and penalties.
It's important to note that interest also accrues on the unpaid taxes, which increases the total amount owed over time. It's in the homeowner's best interest to pay their property taxes on time to avoid penalties and interest charges.
We recommend contacting the Matanuska-Susitna Borough Tax Office or a local tax professional for the most up-to-date and accurate information.