At a recent Mat-Su Borough Assembly meeting, Assembly members discussed the senior property tax exemption that is already in place.
Seniors aged 65 and older may qualify for Borough property tax exemptions. Borough Finance Director Cheyenne Heindel (HIGHN-dull) says the seniors must own the property and it must be their primary residence. The Borough adheres to the same requirements as those for the permanent fund dividend to establish residency.
Properties owned by seniors valued at $279,720 or less will receive full tax exemption this year. Properties valued higher than that will be taxed on the amount above that base. Heindel says that amount rises each year based on inflation and the calculations are spelled out in Borough Code.
She says property values are also increasing in the Borough, but so is the senior population.
Heindel says the Borough does not automatically sign people up for the exemption. Seniors must fill out the application online or come to the Borough offices to do so. The exemption will start the year after the resident turns 65. But they can go back two years in case seniors aren’t aware of the benefit or didn’t know to sign up.
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