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Petersburg Borough property tax

Published: 15.04.2023

Example of Petersburg Borough Property Tax Calculation

To calculate Petersburg Borough Property Tax, the local government considers several factors including the assessed value of the property, the mill rate, and any applicable exemptions. The assessed value of the property is determined by the borough assessor's office and is based on the property's market value. The mill rate is set by the borough assembly and represents the amount of tax levied per $1,000 of assessed value. Any applicable exemptions, such as a homestead exemption for primary residences, are subtracted from the assessed value before calculating the tax amount. Once all of these factors are taken into account, the property owner can expect to pay a certain amount of tax each year to the borough. It's important for property owners in Petersburg Borough to understand how their property tax is calculated so that they can budget and plan accordingly.

If you want appeal your property tax assessment - contact your local tax assessor.

Petersburg Borough Property Tax Rates

The following table shows the property tax rates for Petersburg Borough in US dollars per $100 of assessed property value:

Tax Type Rate per $100 of Assessed Value
Borough Operations $1.75
School District $5.99
State of Alaska $2.50
Total $10.24

It is important to note that these rates are subject to change annually and may vary depending on the specific property location and assessed value. It is recommended to consult with a licensed tax professional for accurate and up-to-date information.

Who sets property tax rates in Petersburg Borough ?

Who sets property tax rates in Petersburg Borough?

The Petersburg Borough Assembly is responsible for setting property tax rates in Petersburg Borough. The Assembly consists of seven members who are elected by the residents of the borough. They meet regularly to discuss and vote on various issues affecting the borough, including property taxes.

When are property tax rates set in Petersburg Borough?

Property tax rates are typically set in Petersburg Borough during the annual budget process. The Assembly holds public hearings and reviews the proposed budget before making a final decision on the tax rates. Property owners can also appeal their property assessments during this time if they believe their property is overvalued. The final property tax rates are then published and billed to property owners.

Homestead exemptions in Petersburg Borough ?

To help Petersburg Borough residents understand their Homestead exemptions and deductions, the following table outlines the relevant information:

Exemption Eligibility Amount Notes
Basic All residents who own and occupy their home as their primary residence Up to $20,000 in assessed valuation N/A
Senior Citizen Residents aged 65 or older who own and occupy their home as their primary residence and meet income requirements Up to $150,000 in assessed valuation Must meet income requirements
Disabled Veteran Veterans with a service-connected disability rating of 50% or greater who own and occupy their home as their primary residence Up to $150,000 in assessed valuation Must provide proof of service-connected disability rating
Low Income Residents who have an income below a certain threshold and own and occupy their home as their primary residence Varies based on income Must provide proof of income

It's important to note that these exemptions and deductions are specific to Petersburg Borough in Alaska. Residents should consult with their local tax assessor's office for more information on how to apply for these benefits.

When is Petersburg Borough Property Tax due ?

Petersburg Borough Property Tax is typically due on October 15th each year.

Payment methods for Petersburg Borough Property Tax include:

  • Online: Payments can be made online using a credit card or electronic check through the Borough's website.

  • Mail: Payments can be mailed to the Borough's address listed on the tax bill. Checks should be made payable to Petersburg Borough and include the tax bill number on the memo line.

  • In Person: Payments can be made in person at the Borough office during business hours. Accepted forms of payment include cash, check, or credit card.

It is important to note that any payments received after the due date will incur a late penalty fee. Additionally, if the property tax is not paid by December 31st, a lien may be placed on the property.

If you have more questions - contact your local tax collector.

How is Petersburg Borough Property Tax penalty calculated ?

Petersburg Borough Property Tax Penalty Calculation

If a property owner fails to pay their property taxes on time, Petersburg Borough imposes penalties and interest on the unpaid balance. The penalty amount is calculated as a percentage of the unpaid taxes and is compounded monthly until the balance is paid in full.

Here is an example of how the penalty is calculated:

  1. Joe owns a property in Petersburg Borough and has an annual property tax bill of $5,000.
  2. He fails to pay the taxes by the due date of October 1st.
  3. The borough imposes a penalty of 10% on the unpaid amount ($5,000 x 10% = $500) for the first month.
  4. If Joe still doesn't pay by November 1st, an additional penalty of 1% per month is added on top of the 10% penalty already imposed.
  5. So, on November 1st, the penalty would be $500 (10%) + $50 (1%) = $550.
  6. If Joe continues not to pay, the penalty will continue to compound monthly until the balance is paid in full.

In addition to the penalty, interest is also charged on the unpaid taxes at a rate of 12% per year, compounded monthly.

It's essential for property owners in Petersburg Borough to pay their property taxes on time to avoid penalties and interest charges. The borough provides several payment options, including paying online or in-person at the borough office. If a property owner is struggling to pay the taxes, they should contact the borough's finance department to discuss payment options and possible assistance programs.

We recommend contacting the Petersburg Borough Tax Office or a local tax professional for the most up-to-date and accurate information.

Petersburg Borough tax offices:

Author: Michael Davis
Bio: Michael is a civil servant based in the United States with a deep understanding of property tax. He uses his expertise to educate homeowners and investors on the intricacies of the property tax system through his blog. Michael believes in empowering his readers with knowledge to make informed decisions about their property taxes. When he's not working, Michael enjoys hiking and exploring the great outdoors.