Financial advisors can also help with investing and financial plans, including retirement, homeownership, insurance and more, to make sure you are preparing for the future. Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. There are no statewide income or sales taxes, but residents do still pay some local sales taxes. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Your feedback is very important to us. Here’s an explanation for Then, we calculated the change in property tax value in each county over a five-year period. Unfortunately, we are currently unable to find savings account that fit your criteria. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. To finance state operations, Alaska depends primarily on petroleum revenues. Some of its cities and other local jurisdictions, however, do collect sales tax revenue. She also served a term on the Internal Revenue Service's Taxpayer Advocacy Panel. The Borough has significantly lower property taxes than Alaska’s other more populated boroughs. She is passionate about helping provide people and businesses with valuable accounting and tax advice to allow them to prosper financially. While we adhere to strict In fact, 15 of Alaska’s 19 boroughs and unified cities levy a property tax, compared with just 21 of Alaska’s 143 cities. A financial advisor in Alaska can help you understand how homeownership fits into your overall financial goals. Use our Retirement Income Tax Calculator. The Residential Exemption is equal to 10% of assessed value, up to a maximum of $20,000 per year. Bankrate’s editorial team writes on behalf of YOU – the reader. The Matanuska-Susitna Borough sits north of Anchorage and stretches all the way to Denali State Park. The Alaska Permanent Fund was created in 1976, when the Trans-Alaska Pipeline was nearing completion. The total mill rate in Anchorage is just under 15 mills, varying from 7.3 to 16.5 depending on where in the city you live. Value is assessed based on a property’s market value. That means, without claiming any exemptions, homeowners in Anchorage would pay a property tax rate of 1.50%, which is well above the national average. To download tax forms on this site, you will need to install a free copy of Adobe Acrobat Reader. Taxes can really put a dent in your paycheck. The Last Frontier has some of the highest alcohol excise taxes in the country. Finally, each county was ranked and indexed, on a scale of 0 to100. Are you curious how your tax burden stacks up against others in your state? The median home value in Juneau is $343,100, and the typical homeowner pays $3,159 annually in property taxes. In our calculator, we take your home value and multiply that by your county's effective property tax rate. Of these, the majority are black bears. 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. The typical annual real estate tax payment in the borough is $1,599. Residents must also pay gas taxes and “sin” taxes on alcohol and cigarettes. On the local level, municipalities and boroughs are authorized to collect a general sales tax, which ranges from 1% and 7%. That's almost $1,100 more than the U.S. average. Jennifer Mansfield, CPA, JD/LLM-Tax, is a Certified Public Accountant with more than 30 years of experience providing tax advice. Rates vary widely between boroughs, however. We are an independent, advertising-supported comparison service. The average low is -16.9 degrees. It lays out the most important information about rates and other details for getting a mortgage in the Last Frontier. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. We are working hard to improve our product and could use your help! A percentage of revenue collected from certain state taxes and license fees (e.g., petroleum, aviation motor fuel, telephone cooperative) is shared with municipalities in Alaska. We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. In 2014, local governments generated approximately $1.66 billion in revenue from property, sales and other taxes. 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. To calculate the exact amount of property tax you will owe requires your property's assessed value and the property tax rates based on your property's address. In total, these exemptions alleviate part of the property tax burden of Anchorage residents. ... Inheritance and estate taxes. Furthermore, Alaskan students attending college out of state can continue to claim a dividend, as long as they express an intention to return to the state after graduation. All tax types will be fully implemented by the end of 2016. Specific local taxes and rates are available at the State Assessor’s searchable database. Additional state tax and fee information is available at the Alaska Department of Revenue website. Alaska property tax rates are recalculated each year after all property values have been assessed. ​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, US Census Bureau 2018 American Community Survey. At Bankrate we strive to help you make smarter financial decisions. Many cities in Alaska do not levy any property tax. The department also issues an annual overview of its operations, including new state laws that directly affect the tax division. In April 2014, the Alaska Department of Revenue began expanding the service. Statewide, average annual property tax payments are $3,117 per year, which is equal to an effective property tax rate (annual payments as a percentage of home value) of 1.19%. - We regularly check for any updates to the latest tax rates and regulations. Tax rates are based on the total value of each property and the amount of revenue needed to maintain government budgets. The bear population of Alaska is approximately 135,000. Kenai Borough has a tax and the towns/cities of Seward, Homer, Kenai, Soldotna and Seldovia also have a sales tax. SmartAsset’s interactive map highlights the counties with the lowest tax burden. First, we used the number of households, median home value and average property tax rate to calculate a per capita property tax collected for each county. We then added the dollar amount for income, sales, property and fuel taxes to calculate a total tax burden. Financial advisors can also help with investing and financial plans, including taxes, homeownership, retirement and more, to make sure you are preparing for the future. To better compare income tax burdens across counties, we used the national median household income. When Do We Update? While there is no state sales tax in Alaska, some counties and cities do collect their own sales taxes. 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. We maintain a firewall between our advertisers and our editorial team. In the city of Fairbanks, however, property taxes are higher. That's still well above the national average, but lower than the 1.50% rate mentioned above. Our experts have been helping you master your money for over four decades. Scroll over any county in the state to learn about taxes in that specific area. Places where property values rose by the greatest amount indicated where consumers were motivated to buy homes, and a positive return on investment for homeowners in the community. More on Alaska taxes can be found in the tabbed pages below. Residents do need to file a federal tax return, though no state paperwork is required. Your location will determine whether you owe local and / or state taxes. 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. So, for example, if your home is worth $100,000 and your total mill rate is 30, your tax will be $3,000. Based on your filing status, your taxable income is then applied to the the tax brackets to calculate your federal income taxes owed for the year. In accordance with the repeal of the federal state death tax credit for decedents who died after Dec. 31, 2004, the Alaska Department of Revenue no longer requires executors to file a Preliminary Notice and Report or a copy of the federal estate tax return with the state. For example, in Whittier, the sales tax rate is 5% from April to September and 0% the rest of the year. You have money questions. Some of its cities and other local jurisdictions, however, do collect sales tax revenue. However, the largest cities, including Anchorage, do. Juneau is the capital city of Alaska, but it's only reachable by plane or boat. It can be claimed for owner-occupied, primary residences in Anchorage. Our goal is to give you the best advice to help you make smart personal finance decisions. Smokers in Alaska pay relatively high cigarette taxes. While Alaska does not charge a state sales tax, it does impose a vehicle rental tax (10% on passenger vehicles; 3% on RVs), as well as an excise tax of $34.50 per voyage on passengers traveling on commercial vessels that provide overnight accommodations while in Alaska waters. The good news? Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. Bankrate.com does not include all companies or all available products.

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