Fairbanks homeowners can cut their property taxes — and many who qualify don't

f you own your home in the Fairbanks North Star Borough, you can knock up to $50,000 off the value the borough taxes you on. Seniors and disabled veterans can cut far more. And the borough says the problem isn't eligibility — it's that many people who qualify never file.

The core break is the owner-occupied residential exemption: $50,000 off your home's assessed value if you own and live in it as your primary residence as of January 1. Applications open July 1, and the deadline is February 14.

Seniors 65 and older can take another $150,000 off — up to $200,000 in combined reductions once the residential exemption is added in. Disabled veterans qualify for the same: a service-connected disability rating of 50 percent or more from the U.S. Department of Veterans Affairs is worth up to $150,000 off, stacked on top of the residential exemption, as long as they own and occupy the home as their primary residence for at least 185 days of the year.

Still, the borough says, many who qualify never file. "A lot of residents don't even know they qualify."

Applying isn't hard, but the rules differ by program. The residential exemption can be filed online or in person at the Assessing Department. The state exemptions — for seniors, disabled veterans and surviving spouses — have to be filed in person. Most carry the same February 14 deadline, though requirements vary, and separate breaks exist for volunteer firefighters and EMS workers.