April 22, 2024
Property

Anchorage property values jump 9.2% in latest city assessment


The Municipality of Anchorage is mailing residents “green cards” this week, the notices letting property owners know the value their houses, condos, and other buildings are assessed to be worth. And, continuing a years-long trend, property owners can expect the number to go up.

“For this last year, what we’ve been seeing in the market is…a relatively strong demand for housing,” said municipal assessor Jack Gadamus during a Friday press conference at City Hall. “In addition, we’ve been seeing extremely low, at near-unprecedented low inventory. Both of those are components that push prices upward.”

On average, single-family homes in the municipality increased 9.2% in value last year. Condominiums went up 9.4%.

Mayor Dave Bronson called the announcement “good news” for property owners, “reflecting the robust demand for housing despite rising interest rates and low inventory.”

Bronson was quick to point out that the rising values people see on their green cards do not necessarily mean they will see the same jump in their annual property tax bill.

“This card is simply a message to property owners from the city to let them know how much the city thinks their property is worth,” Bronson said. “Assessments are not taxes.”

Tax bills will be calculated by June 1, once the Assembly has revised its final budget and set mill rates.

After remaining relatively flat for several years, the average sale price of homes in Anchorage has steadily climbed since 2019. In 2022, it was up to $456,000, driven by thin stock, construction delays, and low interest rates on borrowing.

Gadamus said the property value increases in Anchorage are in line with what other similar municipalities around the country are seeing.

Green cards will begin arriving in mailboxes in the coming days. Residents who dispute the city’s valuations can contact the assessors office directly or file an appeal by Feb. 12.

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