Personal Property/Business Inventory
MSB 3.15.035(C) "All personal property shall be exempt from Borough taxation as authorized in A.S. 29.45.050(b)(2) except motor vehicles subject to MSB 3.15.035(b), and business inventory in excess of $1,000,000 in value shall be subject to ad valorem taxation."
- The first $1,000,000 of Business Inventory is exempt from taxation.
- The Borough Assessor's office mails out Business Inventory Assessment Return forms each year in December. Property shall be declared at its full and true value as of January 1st of the assessment year.
- Property tax returns shall be filed on or before March 15th of each tax year.
- If the property tax return is not returned timely, penalty, interest, and administrative costs shall be applied to the property pursuant to MSB 3.15.240.
- Businesses failing to file a timely return, will be assessed a 15% late filing penalty.