Homeowners just received their Assessment Notice a few weeks ago and may have noticed the total value of their home is much higher than anticipated — that is unless you bought a newly constructed home. For those of us who could not afford to purchase a newly constructed home, the assessed value of the homes in my neighborhood has been assessed values of 22% to 40% higher than purchase prices just 2 to 3 years ago.
Now on the flipside, the newly constructed homes have assessed values of 6% to 9% less than their purchase prices two years ago. Using the low end of the figures, this translates to $180,000 of assessed value disparity between a new home and an older home.
Alaska State Law, AS 29.45.110, requires that the assessor shall assess property at its full and true value. The assessors are using a spreadsheet in lieu of actual sales data. This spreadsheet is systemically providing a tax break to those who can afford a nice, newly constructed home and overcharging those of us with older homes, who are also dealing with repairs associated with older homes, like the ice dam that just destroyed my bathroom.
— Levi Wood
Eagle River
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