The Fairbanks North Star Borough Assessing Department sent annual property assessment notices to all property owners at the end of January, showing current and previous year values for land and improvements.

The notices arrive as Alaska law requires properties be appraised at 100 percent of market value as of January 1 each tax year. Values may climb even when individual properties have not changed physically, an Assessing Department representative said.

If homes in your neighborhood are selling for more than they did last year, there is a good chance the appraised values will increase. Even if there are no physical changes to your property.

The Assessing Department analyzes sales throughout the borough each year to determine fair market value. The department considers location, market area, age, condition and type of improvements. Factors driving market prices include housing supply shortages, interest rates, population growth, neighborhood revitalization and corporate home purchases.

Property owners who believe their assessed values are incorrect can appeal. The notices include information on how to challenge valuations. The Assessing Department recommends owners scrutinize their assessments carefully to ensure value estimates are reasonable.

The notices are not tax bills. They show what the borough believes your property is worth for tax purposes. The actual tax bill comes later.

Property owners with questions can contact the Assessing Department at 907-459-1428.