What Causes Property Values to Change?
The assessor’s main task is to estimate the full and true value (fair market value) of your property. A property's value can change for many reasons. The most obvious is that the property has changed. Perhaps a bedroom, garage or outbuilding is added, or part of the property is destroyed by flood or fire. The most frequent cause of a change in value is a change in the market. In a recession, larger homes may stay on the market for a longer time, while more affordable homes are in greater demand. In our case, lack of developable land in Anchorage may create pressure on prices in the Mat-Su Borough. The market is always changing.
Property Owner Questions
If you believe the assessor's estimated value of your property is excessive, improper, unequal, or too low, you will want to know:
- How the assessor values property. (See Taxes and Value)
- How to gather information about your property and similar properties.
- How the appeals process works and what the deadlines are.
You also have a responsibility to furnish accurate information about your property to the assessor.
What are the Grounds for Appeal?
An assessment appeal is an attempt to prove that your property's estimated market value is either excessive, unequal, improper or too low. It is not a complaint about higher taxes. An appeal is appropriate when you can prove one of the following:
- Items that affect value are incorrect on your property record. For example, you have one bath, not two. You have a carport, not a garage. Your home has 1,600 square feet, not 2,000.
- The estimated market value is too high or too low. You have evidence that similar properties have sold for more or less than the estimated market value of your property.
- The estimated market value of your property is accurate but inequitable because it is higher than the estimated value of similar properties.
NOTE: There are exemptions for senior citizens over the age of 65 and for disabled veterans. The assessor’s office can give you information about exemptions.