Example of Northwest Arctic Borough Property Tax Calculation
Northwest Arctic Borough Property Tax is calculated based on the assessed value of the property. The property tax rate for the borough is 12 mills, which means that property owners pay $12 for every $1,000 of assessed value.
For example, if a property in the borough had an assessed value of $100,000, the property tax would be calculated as follows:
(100,000 / 1,000) * 12 = $1,200
This means the property owner would pay $1,200 in property taxes for the year.
It's important to note that the assessed value of the property may be different from the actual market value. The borough assesses the value of the property based on various factors such as location, size, and condition of the property.
Property owners in the borough are required to pay their property taxes by October 31st of each year. Failure to pay the property taxes on time may result in penalties and interest charges.
It's crucial to understand the property tax calculation to budget for the expenses associated with homeownership in the Northwest Arctic Borough.
If you want appeal your property tax assessment - contact your local tax assessor.
Northwest Arctic Borough Property Tax Rates
The Northwest Arctic Borough property tax rates for the current year are listed in the table below, showing the tax amount and the rate per $100 of assessed value:
| Tax | Rate per $100 Assessed Value |
|---|---|
| General Fund | $4.10 |
| School District | $4.95 |
| Debt Service | $0.00 |
| Road Service Area | $1.85 |
| Community Revenue Sharing | $0.00 |
| Total | $10.90 |
Please note that the rates listed above may vary depending on the specific property and its location within the Northwest Arctic Borough. Property owners are encouraged to consult with a qualified tax professional for more information on their individual property tax rates and obligations.
Who sets property tax rates in Northwest Arctic Borough ?
Who sets property tax rates in Northwest Arctic Borough?
The property tax rates in the Northwest Arctic Borough are set by the borough's assembly members. The assembly is made up of nine members who are elected by the residents of the borough. The assembly members are responsible for passing ordinances that establish property tax rates, among other things.
When are property tax rates set in Northwest Arctic Borough?
The property tax rates in the Northwest Arctic Borough are set annually by the assembly members. The assembly typically holds public hearings and meetings before setting the tax rates for the upcoming year. Property owners in the borough receive a notice of their tax assessment in January, and the property tax is due on June 15th of each year.
Note:
It is important to note that property tax rates may vary from year to year depending on the needs of the borough and the assessed value of the property. Property owners should consult with a tax advisor to understand how property tax rates may impact their financial situation.
Homestead exemptions in Northwest Arctic Borough ?
The following table lists the Homestead exemptions and deductions specific to Northwest Arctic Borough in Alaska:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Senior Citizens Exemption | Must be at least 65 years old or older | $150,000 | Applies only to the primary residence |
| Disabled Veterans Exemption | Must have a service-connected disability rating of at least 50% | $150,000 | Applies only to the primary residence |
| Widows/Widowers Exemption | Must have been married to a qualified applicant who would have been eligible for a homestead exemption | $150,000 | Applies only to the primary residence |
| Residential Real Property exemption | Applies to all residential property | $20,000 | Applies only to the assessed value of the property |
| Personal Property Exemption | Applies to personal property such as boats, vehicles, and aircraft | $20,000 | Applies only to the assessed value of the property |
It's important to note that these exemptions and deductions are specific to Northwest Arctic Borough in Alaska and that eligibility requirements may vary. Additionally, the amount listed may be subject to change based on local legislation.
When is Northwest Arctic Borough Property Tax due ?
Northwest Arctic Borough Property Tax is typically due on January 15th each year. The property owners are required by law to pay this tax in a timely manner to avoid penalties and interest charges. Here are some payment methods available:
| Payment Method | Description |
|---|---|
| Property owners can mail in their payment using a check or money order. The payment must be postmarked by the due date to avoid penalties. | |
| Online | Online payments can be made via the borough's website using a credit or debit card. A convenience fee may apply. |
| In-person | Property owners can also make payments in person at the borough's tax office or designated payment locations. Accepted payment methods may vary. |
It's important to note that failure to pay property taxes can result in legal action, including foreclosure on the property. Therefore, property owners should make every effort to pay their taxes on time to avoid any negative consequences.
If you have more questions - contact your local tax collector.
How is Northwest Arctic Borough Property Tax penalty calculated ?
Overview
The Northwest Arctic Borough in Alaska imposes property taxes on its residents. If a property owner fails to pay their property taxes on time, they may be subject to penalties. This post explains how the Northwest Arctic Borough calculates property tax penalties, and provides an example to illustrate the process.
Calculating the Penalty
The penalty for late payment of property taxes in the Northwest Arctic Borough is calculated based on a percentage of the unpaid taxes. The penalty is assessed monthly, and the rate of the penalty increases with each passing month.
Here is the breakdown of the penalty rates:
| Months Late | Penalty Rate |
|---|---|
| 1 | 5% |
| 2 | 10% |
| 3 | 15% |
| 4 | 20% |
| 5+ | 20% + 1% per month |
As you can see from the table above, if a property owner is one month late in paying their property taxes, they will be charged a penalty of 5% of the unpaid taxes. If they are two months late, the penalty increases to 10%. If they are three months late, the penalty is 15%.
If the property owner is four or more months late, the penalty rate is 20% plus an additional 1% for each month that the taxes remain unpaid. This means that if a property owner is six months late on their property taxes, the penalty rate will be 22%.
Example
Let's say that Jane owns a property in the Northwest Arctic Borough and her property taxes are due on January 1st. Jane fails to pay her property taxes until April 1st. Her unpaid taxes at this point total $10,000. Here is how the penalty is calculated for Jane:
- Jane is three months late, so her penalty rate is 15%
- The penalty amount is calculated by multiplying the penalty rate by the unpaid taxes: 15% x $10,000 = $1,500
- Jane's total amount due is her unpaid taxes plus the penalty: $10,000 + $1,500 = $11,500
In this example, Jane's penalty for paying her property taxes three months late is $1,500. It is important to note that property owners should make every effort to pay their property taxes on time to avoid penalties.
We recommend contacting the Northwest Arctic Borough Tax Office or a local tax professional for the most up-to-date and accurate information.