Fairbanks borough opens property tax exemption window through February

Qualified homeowners in the Fairbanks North Star Borough can cut their taxable property value by up to $50,000, with the annual exemption window open through February 14. Seniors and disabled veterans may save even more, but the borough says many residents who qualify never apply.

Who Qualifies

The owner-occupied residential exemption reduces the assessed value used to calculate borough property taxes by $50,000 for homeowners who own and occupy their primary residence as of January 1 of the tax year. Applications are available online and at the Assessing Department office at 907 Terminal Street in Fairbanks beginning July 1. The deadline is February 14.

Seniors 65 and older may qualify for an additional exemption of up to $150,000 off assessed value. Combined with the residential exemption, that is a total reduction of up to $200,000. Disabled veterans with a service-connected disability rating of 50 percent or more from the U.S. Department of Veterans Affairs may also qualify for an exemption of up to $150,000, also stackable with the residential exemption, provided they own and occupy the home as their primary residence for at least 185 days of the tax year.

The borough's outreach message notes that "a lot of residents don't even know they qualify" for these programs. Residents are encouraged to contact the Assessing Department to determine their eligibility.

How to Apply

State exemptions, including those for senior citizens, disabled veterans, and surviving spouses, must be filed in person at the Assessing office. The February 14 deadline applies to most exemptions, though filing requirements vary by program. The borough also offers exemptions for volunteer firefighters and emergency medical service workers under separate provisions.

Residents can reach the Assessing Department by phone at 907-459-1428 or by email at [email protected]. The office is on the first floor of the JHAC Building at 907 Terminal Street. The enrollment window runs through February 14, 2027.