Fairbanks Borough: Home owner property exemptions 4

¡Hey there, Fairbanks! If you own property here in the Fairbanks North Star Borough, we have some really good news for you today. The kind of news that could save you money on your property taxes. So stick with us because this information can make a real difference for you and your family. We know that owning a home here in Interior Alaska is a big deal.

The cost of living is real, winters are long, and every dollar counts. That's why the borough offers property tax exemptions, and a lot of residents don't even know they qualify. So today we just want to take a few minutes to walk you through what's available, who's eligible, and how you can take advantage of these savings. Let's start with an exemption that applies to many borough residents: the Residential Property Tax Exemption. If you own your home and have lived in it as your primary residence as of January 1st of the tax year, you may qualify to receive an exemption of up to $50,000 from your property's full and true value.

This is a reduction received before your property taxes are calculated. That's real money, and the savings are available to you just for being a homeowner in the borough. Applications are available online and at the Assessing Department office beginning July 1st of the applicable tax year. The deadline to apply is February 14th. If you are 65 or older, we have great news for you.

Like the residential exemption, if you own your home, live in it as your primary residence, and you meet the age requirement by January 1st of the applicable tax year, you may qualify for the Senior Citizen Property Tax Exemption. This exemption can reduce the taxable value of your property by up to $150,000 and can be combined with a residential property tax exemption for a total reduction of up to $200,000. That's big savings. If you or an owner in your household meets these requirements, you may qualify. We also have a program that recognizes our disabled veterans.

If you have served in the United States military and have a service-connected disability rating from the U.S. Department of Veterans Affairs with a percentage of 50% or more, you may qualify for this exemption. In addition to your disability rating, you must own your home and live in it as your primary residence and principal place of abode for at least 185 days of the tax year. This exemption can reduce the taxable value of your property by up to $150,000 and can be combined with a residential property tax exemption for a total reduction of up to $200,000. You've given so much in service to our country. We thank you for your commitment and sacrifice.

Those programs cover a lot of ground, But they're not the only options available. The borough also offers an exemption for volunteer firefighters and EMS workers who serve our community. And there may be other programs that apply depending on your specific situation, including provisions for surviving spouses of seniors and disabled veterans. The bottom line is this: the Fairbanks North Star Borough offers savings in a variety of ways, and it's always worth a few minutes to find out what program you may be eligible for. Application periods for most exemptions open on July 1st, and the deadline to submit is February 14th.

The assessing department is here to answer your questions and to walk you through the process. You work hard. You've chosen to make your life in one of the most remarkable places in the country, and we want to make sure you know about every opportunity available to keep a little more money in your pocket. To learn more or to get started, visit the borough website or call our office at 907- 459-1428. Thanks for listening, Fairbanks, and as always, we're glad you're here.