Example of North Slope Borough Property Tax Calculation
North Slope Borough calculates property taxes based on the assessed value of the property owned. The assessed value is determined by the borough assessor who takes into account factors such as property size, location, and improvements made to the property.
Once the assessed value has been determined, the borough applies a tax rate to that value to calculate the property tax owed by the owner. The tax rate is expressed as a percentage of the assessed value and varies depending on the location of the property within the borough.
For example, if a property located in the North Slope Borough has an assessed value of $100,000 and the tax rate for that area is 2%, the property tax owed would be $2,000 ($100,000 x 0.02).
It is important to note that property taxes are used to fund various community services such as schools, police and fire departments, and road maintenance, among others.
If you want appeal your property tax assessment - contact your local tax assessor.
North Slope Borough Property Tax Rates
The North Slope Borough Property Tax rates are as follows:
|Tax||Rate per $100 of Assessed Value|
|Oil and Gas||$20.00|
Note: The tax rates listed above are subject to change. It is recommended that taxpayers consult with a tax professional for the most up-to-date information.
Who sets property tax rates in North Slope Borough ?
Who sets property tax rates in North Slope Borough?
The North Slope Borough Assembly sets the property tax rates in North Slope Borough. The Assembly is made up of nine elected members who are responsible for making decisions that affect the community.
When are property tax rates set in North Slope Borough?
The property tax rates are typically set each year during the budget process, which takes place in the spring. The Assembly reviews the proposed budget for the upcoming fiscal year and determines the tax rates needed to fund the budget.
It is important to note that property tax rates can also be adjusted throughout the year if necessary. This may occur if there is a change in the borough's financial situation or if there are unexpected expenses that need to be addressed.
Homestead exemptions in North Slope Borough ?
To help the residents of North Slope Borough in Alaska better understand their county-specific Homestead exemptions and deductions, the following table has been created with four columns: Exemption, Eligibility, Amount, and Notes.
|Primary Residence Exemption||Any homeowner who occupies their primary residence in North Slope Borough||$20,000||The value of the property may not exceed $500,000|
|Senior Citizen Exemption||Any homeowner over the age of 65 who occupies their primary residence in North Slope Borough||$150,000||Must provide proof of age and income|
|Disabled Veteran Exemption||Any homeowner who is a disabled veteran or their surviving spouse and occupies their primary residence in North Slope Borough||Up to $150,000||Must provide proof of disability and honorable discharge|
|Residential Property Deduction||Any homeowner who owns and occupies their primary residence in North Slope Borough and has a gross household income of $30,000 or less||Up to $10,000||Must provide proof of income|
|Farmland Deduction||Any homeowner who owns at least 5 acres of farmland in North Slope Borough and uses it for agricultural purposes||Up to 20% of the assessed value of the property||Must provide proof of agricultural use|
It is important to note that these exemptions and deductions are subject to change and may have additional eligibility requirements not listed here. Homeowners in North Slope Borough are encouraged to check with their county assessor's office for the most up-to-date information.
When is North Slope Borough Property Tax due ?
North Slope Borough Property Tax is typically due on August 31st of each year. Property owners will receive a bill from the borough tax department in early July, which will include instructions on how to pay the tax.
There are several payment methods available for property owners:
|Online||Property owners can pay their property tax bill online using a credit card or electronic check through the borough's website.|
|Payments can be mailed to the borough tax department, along with the invoice that was sent in the mail.|
|In Person||Property owners can pay their property tax bill in person at the borough tax department, located at 1689 Okpik Street in Barrow.|
|Automatic Bank Draft||Property owners can set up automatic bank draft payments through their financial institution.|
It is important to note that failure to pay property taxes on time can result in penalties and interest charges. Therefore, property owners should make every effort to pay their taxes by the due date to avoid any additional fees.
If you have more questions - contact your local tax collector.
How is North Slope Borough Property Tax penalty calculated ?
The North Slope Borough in Alaska imposes property taxes on its residents based on the value of their properties. In case a property owner fails to pay their taxes on time, they are subjected to penalties and interest fees. The penalty is calculated based on the amount of unpaid taxes and the number of days they are overdue.
To understand this better, let us consider an example:
Suppose, Mr. Smith owns a property in the North Slope Borough, worth $200,000. The borough has set a property tax rate of 2%, which means Mr. Smith needs to pay $4,000 in property taxes every year. However, due to some financial constraints, Mr. Smith fails to pay his taxes on time, and the deadline passes by 30 days.
In this case, the penalty for Mr. Smith would be calculated as follows:
|Per diem rate||0.0274%|
To calculate the penalty amount, we first need to determine the penalty rate, which is set at 10% in the North Slope Borough. Then, we need to calculate the number of days the taxes are overdue, which in this case is 30 days.
Next, we need to determine the per diem rate, which is the daily interest rate charged on the unpaid taxes. In the North Slope Borough, the per diem rate is set at 0.0274%. Therefore, the amount of penalty for Mr. Smith would be:
Penalty = Penalty rate x Unpaid taxes x Per diem rate x Days overdue
Penalty = 10% x $4,000 x 0.0274% x 30 = $32.88
Hence, Mr. Smith would need to pay an additional penalty of $32.88, along with the unpaid taxes of $4,000, to avoid any further legal actions against him.
In conclusion, the penalty for North Slope Borough property taxes is calculated based on the unpaid taxes, penalty rate, per diem rate, and the number of days the taxes are overdue. It is crucial for property owners to pay their taxes on time to avoid any additional fees or legal actions.
We recommend contacting the North Slope Borough Tax Office or a local tax professional for the most up-to-date and accurate information.