Municipality of Anchorage Property Tax Assessment is Not the Same as Market Value

By
Real Estate Agent with Real Estate Brokers of Alaska 907-720-4663 17724

The Municipality of Anchorage Property Tax Assessment of Real Property is not an indicator of the Market Value of Homes. First off, Alaska is a non-disclosure state, meaning that when someone buys or sells Real Property in Alaska, it is not required of them to report or disclose how much they purchased or sold that Real Estate for.

Secondly, the Municipality Tax Assessment is usually higher or lower than the Appraised value of the property in Anchorage, Alaska.  In some counties or cities, the tax assessment is based off of the actual sales price of a home. It can be a 100% of the sales price or a percentage of the actual value, for example, 90% of the actual appraised value.  This is not so in the Anchorage Municipality because, as I mentioned above, buyers don't have to disclose what they paid for their homes.

When selling or buying a home, FOCUS on the Home Appraisal since this is what mortgage lenders use when they write a loan for the mortgage.  Do NOT focus on the assessment that the Municipality of Anchorage has on the property, because it is not the same as market value. 

Appraisers mainly focus on these things when determing the value of a home:

  • Location
  • Square Footage
  • Condition and age of home
  • Lot Size
  • Number of Bedrooms
  • Number of Bathrooms
  • Total number of Rooms
  • Garage(s)
  • Decks
  • Screened Porches
  • Fireplaces

 

An appraiser will take all of this information and use comparables in the area to make an educated analysis, which includes data, of how much a home is worth in the current Anchorage Real Estate Market.

Sellers: When trying to determine how much to sell your house for, you should request a free Comparative Market Analysis, also known as a Right Price Analysis. The analysis will show the market trends in the Municipality of Anchorage and all of the comparable Real Estate in your area. What the homes have sold for, the pended listings, and all the actives.  Your Real Estate Professional will be able to determine a good price point after viewing your home and analyzing the Comparables in your Area. This service is usually provided FREE.

Some upgrades can add value to your home, although it's not always cost effective to do so. Meaning you may not fully recover the costs of the upgrades/remodel. However, these upgrades can help sell your home and shorten marketing time.

  • Ceramic Tile
  • Hardwood Floors
  • Crown Molding
  • Specialty Counter Tops & Cabinetry
  • Sprinkler System
  • Upgrades in Light Fixtures
  • Upgrades in Faucets, Sinks, Tubs and Showers

 

 

A special caution to homebuyers: Home buyers should not make an offer on a house based on the Municipality of Anchorage Property Tax assessed value of the home. You may think you are getting a great deal if you are negotiating a price that is less than the Anchorage Municipality Property Tax Records, but this is not so.  Talk to your Real Estate Professional about the Real Property Market Value when making an offer to ensure that you get the best deal possible. If you are a first time home buyer, get more information about the First Time Home Bueyer Tax Credit.

 

Anchorage, AK Tax Assessment

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Rainmaker
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Kathy Clulow
CNE - ASP - SRES .... Uxbridge Ontario Real Estate
RE/MAX All-Stars Realty Inc. Brokerage

Vanna - anyone who would even contemplate using the assessed value to determine what a home should sell for or what they should pay for a home has absouloutly no understanding of the mass market valuations conducted by the assessment world. Assessments that are off by as much as 10% in either direction from an actual sale are considered fair and equitable even though the valuation may even be as of the day of the actual sale.

June 20, 2012 08:49 PM
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Rainmaker
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Vanna Siackhasone

Anchorage Real Estate 907-720-4663
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Additional Information

Anchorage Real Estate. Anchorage, Alaska is where I live, work and play. Anchorage is a city of approximately 170,000 people. Anchorage is a beautiful place to live. The scenery and wildlife cannot be beat, the people are friendly, and where else can you hunt, mountain bike, hunt, hike, and fish less than thirty minutes away? I help home buyers and sellers navigate the world of Real Estate. From start to finish, I am involved in the Real Estate Transaction. Call 907-720-4663 for all your Anchorage Real Estate needs.