City assessor: Property values up more than US average

rshinohara@adn.comJanuary 14, 2013 

— The assessed value of duplexes, triplexes and fourplexes in Anchorage rose 5 percent to 6 percent over the past year, a sign that section of the real estate market is bouncing back after the recession, Marty McGee, the city tax assessor, said Monday.

Overall, Anchorage real estate values were stable over the past year, he said. Single family homes, town homes, zerolot lines and patio homes increased an average of 1 percent, residential dwellings overall (which includes multi-family dwellings up to triplexes) were up 2 percent, and commercial properties were up 1.9 percent.

"Our real estate market is in better shape than most across the country," he said.

The average value of a single family home in 2013 is $318,800, up from $315,000 last year.

McGee gathered the data on Anchorage property values for a presentation to the Anchorage Assembly at a work session Friday.

Notices of assessed valuations are mailed to property owners by Jan. 15, and tax bills are mailed by May 15, according to the city website.

Duplexes, triplexes and fourplexes were hit with lots of foreclosures during the recession, and are now recovering, he said. Fourplexes are especially recouping value in East Anchorage and Mountain View, he said.

Other trends:

• A growing segment of the population is over 65, which makes them eligible for a partial property tax exemption for homes, and also changes the type of housing that people want -- maybe nicer townhomes rather than three or four-bedroom houses in the suburbs, McGee said.

• Most office buildings in Anchorage were constructed before 1988, and many are nearing the end of their effective lives, McGee said. They're in competition with newer buildings. "Mostly, it's a heads-up to the city fathers that a significant part of your tax base is these older buildings."

• The average mobile home in Anchorage is 37 years old. "We haven't put any new mobile homes in since the 1980s," he said. "The most important reason is there's no financing" available.

• The assessed value of mid-range apartment-style condos dropped 2.7 percent, while upper-range apartment-style condos increased 1.1 percent. The average value of mid-range townhouse-style condos did not change from year to year. Upper-range townhouse condos increased in value an average of 2.3 percent.

• Developers began construction of 12 retail properties in 2012, including a Wal-Mart and a Sam's Club. That compares to four retail construction starts in 2011.

 

Reach Rosemary Shinohara at rshinohara@adn.com or 257-4340.

 

 

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