Fairbanks North Star Borough Mass Appraisal

The Fairbanks North Star Borough Assessing Department is responsible for assessing the value of all properties within the borough boundaries and administering all state and borough exemptions as set forth in the state statutes and borough code. The goal of the assessing department is to: 1. Administer a property assessment that is fair, uniform, and equitable to assure everyone is taxed equally. That is, that no one pays more or less than their fair share of tax. And 2) provide accurate, up-to-date information about assessment and related property matters.

In Alaska, state law requires that property is appraised at 100% of the market value as of January 1st of the tax year. Every year, the Assessing Department prepares an analysis of sales in the Fairbanks North Star Borough to determine the fair market value. The Assessing Department collects market data throughout the year from market participants who report their sales prices to us. Appraised values consider many elements. Location, market area, age, condition, and type of improvements all play a part in estimating market value.

It should be pointed out that since the assessor's office is appraising a very large number of properties, the assessed value should be scrutinized carefully by the property owner to ensure value estimates are reasonable. If the 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's no physical changes to your property. What are the factors that drive market prices? Shortage of housing supplies, interest rates, population growth, revitalization efforts in certain neighborhoods, corporate and investment home purchases.

Assessment notices are sent out at the end of January every year. This notice contains the current and previous estimates of value for both land and improvements. It is— it also includes information on how to appeal the value of your property if the owner feels it may be incorrect. If you have any questions, please contact our office. Thank you.