The City of Eagle has a property tax … Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Bankrate.com is an independent, advertising-supported publisher and comparison service. Dubbed locally as the "Magic City… Please change your search criteria and try again. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. The average effective property tax rate in the Kenai Peninsula Borough is just 0.68%, which is a little over half the rate in Anchorage. In fact, 15 of Alaska’s 19 boroughs and unified cities levy a property tax, compared with just 21 of Alaska’s 143 cities. While we adhere to strict The state’s excise tax on beer is $1.07 per gallon. While the municipality assigns all property a value every year, the local assessor is only required to visit a property … Residents of the nation’s largest state pay no state income or sales tax, although some local governments do collect a 1.79 percent sales tax. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence. You can select from various reports at the tax division’s search page. Homeowners who feel that their assessed value is incorrect have 30 days to file an appeal with the local Board of Equalization. Jennifer has mostly worked in public accounting firms, including Ernst & Young and Deloitte. How helpful was this page in answering your question? That means that if you have dependents, you receive a Permanent Fund dividend for them as well. That's almost $1,100 more than the U.S. average. The Fairbanks North Star Borough, which contains the city of Fairbanks, has slightly lower property taxes on average than the city of Anchorage. Instead, every Alaskan, children as well as adults, receives a payment each year from the Alaska Permanent Fund Corporation. Smokers in Alaska pay relatively high cigarette taxes. Some of its cities and other local jurisdictions, however, do collect sales tax revenue. There are still local sales taxes, which range from 0% to 7.50%, as well as property taxes. Next, from AGI we subtract exemptions and deductions (either itemized or standard) to get your taxable income. But this compensation does not influence the information we publish, or the reviews that you see on this site. Additional state tax and fee information is available at the Alaska Department of Revenue website. SmartAsset’s tax expert has a degree in Accounting and Business/Management from the University of Wyoming, as well as both a Masters in Tax Laws and a Juris Doctorate from Georgetown University Law Center. For a look at the distribution of these funds, select a shared tax year report on the tax division’s search page. Here’s an explanation for Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. In order to determine sales tax burden, we estimated that 35% of take-home (after-tax) pay is spent on taxable goods. For those thinking about buying property in Alaska, our mortgage guide is a good place to start researching your mortgage options. Alaska has the lowest taxes in the country. Check the Alaska tax division’s home page. Tax rates are based on the total value of each property and the amount of revenue needed to maintain government budgets. That's still well above the national average, but lower than the 1.50% rate mentioned above. Tax rates are calculated as “mills.” A mill is equal to $1 of tax for every $1,000 in assessed value. Are you curious how your tax burden stacks up against others in your state? The table below shows tax rates and average annual payments for all Alaska municipalities and boroughs that collect property tax. The bear population of Alaska is approximately 135,000. Alaska property tax rates are recalculated each year after all property values have been assessed. We maintain a firewall between our advertisers and our editorial team. There are no income taxes in the state, and full-time state residents receive an annual dividend check from the state’s “permanent fund.” In recent years, the dividend has ranged from $800 to over $2,000, effectively offsetting some or most of the property taxes paid by Alaskan homeowners. Your feedback is very important to us. The department also issues an annual overview of its operations, including new state laws that directly affect the tax division. The amount of the dividend varies year to year, depending on revenues to the fund and other factors. Our editorial team does not receive direct compensation from our advertisers. For its citizens age 65 and older and disabled veterans, Alaska exempts the first $150,000 of assessed value from property taxes. The most significant tax on the residents of Alaska is the property tax. The county with the lowest tax burden received a score of 100 and the remaining counties in the study were scored based on how closely their tax burden compares. If you’d like to invest the money in their future, Alaska makes it easy to move the dividend straight to a 529 college savings plan. Details on local property taxes can be found in Alaska Taxable, the Commerce Department’s official annual report to the Alaska State Legislature on local sales and property taxes. It lays out the most important information about rates and other details for getting a mortgage in the Last Frontier. ​If you could change one thing about ​this page what would it be?​, Bank of America® Travel Rewards Visa® Credit Card Review, Capital One® Quicksilver® Cash Rewards Credit Card Review, Sources: US Census Bureau 2018 American Community Survey. Kay Bell is an award-winning journalist, blogger and author who, after spending almost 20 years in Washington, D.C., working on both Capitol Hill and in Fortune 500 companies' government relations offices, decided to focus on taxes.