2021 property appraisal annual valuation report

Municipality of Anchorage | 2021 Property Appraisal Annual Valuation ReportMunicipality of Anchorage | Department of Finance

2021 Property Appraisal

Annual Valuation Report

Photo: Chris Santilli

Municipality of Anchorage | 2021 Property Appraisal Annual Valuation Report

Overview of Real Property Assessment Process

DecOctSepAugJulyJuneAprMarFebJan May Nov

Valuation Analysis

2

ValuationExemptions

Inspections

Administer Exemptions

Appeals

Jan 1st, All taxable property assessed

New Construction


Total vs. Taxable ValueTotal Value by Property Type

(≈$46.9B)

3

Taxable Value by Property Type (≈$35.2B)

62% 30%

8%

Residential

Commercial

Personal Property

57%

22%

6%

11%

4%ResidentialCommercialPersonal PropertyGovernmentNon Government


Taxable Value (in billions)

4

Real Property

Single Family $16.83

Condo $2.44

2-3 Unit Multifamily $1.78

Vacant/Other Resi. $0.80

Industrial $3.10

Office $1.96

Retail/Food & Bev. $1.67

4+ Unit Multifamily $1.72

Vacant/Other Comcl. $1.26

Hotel $0.66

Personal Property

Co

mm

erc

ial

(30%

)

Re

sid

en

tia

l

(62%

)

Business $2.70

Oil & Gas $0.15

Mobile Home $0.09

Total $35.16

(8%)


Exemptions by Type (in millions)

5

Mandatory (State)

Seniors/Disabled Vets $2,693

Municipality $2,143

Education $1,086

Federal $1,064

State $845

Charitable $496

Religion $424

Non-profit Hospital $357

Native $210

Other $132

Veterans Orgs $12

Optional (Local)

Residential $2,248

Personal Property $62

Community Purpose $30

Charter Schools $15

Economic Dev $7


Exemption Review Team

Successes in 2020:

Sent >1,200

Applications sent to Senior who may qualify

The Process:

1. Compare

exemptions

to the PFD,

addresses,

and rentals

2. Flag

properties

for follow up

and send an

initial letter

3. Work with

property

owner to

help verify

eligibility

4. Make a

determination

and send a

letter if

ineligible

> 1,907 exemptions ready to contact the property owner

Customer Service focus: sent ~100 initial contact letters

Removed >230 exemptions

6


CAMA* Upgrade Project

– Project was approved in 2017

– Project started 2nd Quarter of 2019

– The vendor is Tyler Technologies (formerly CLT)

– Current phase: Build and Validate → Testing and

Training

7

*CAMA: Computer Assisted Mass Appraisal

Initiate

and Plan

Assess

and

Define

Build

and

Validate

Testing

and

Training

Go

Live


New Construction and

Assessed Values

Municipality of Anchorage | 2021 Property Appraisal Annual Valuation Report 9

Taxable New Construction(adjusted to 2020 dollars)

$0

$100

$200

$300

$400

$500

$600

$700

$800

In m

illio

ns

Commercial Residential Total


What Happened with Taxable

New Construction?

TypeAssessed Value

(in Millions)

Percent Change

from Prior Year

Residential $120.36 -14%

Commercial $ 29.62 -56%

Total $149.98 -25%


Residential Property

11


Residential Value Change(Does not include new construction)

Property Type Average % Change

Single-Family 1.6%

Duplex/Triplex -1.0%

Condos 0.1%

Vacant Land 0.0%

12

Single Family Homes Percent Change By Assembly District

District Location Average % Change

1 Downtown -0.66%

2 Eagle River/Chugiak 1.34%

3 West Anchorage 0.93%

4 Midtown 1.04%

5 East Anchorage 1.28%

6 South Anchorage 2.53%


0

1,000

2,000

3,000

4,000

5,000

2012 2013 2014 2015 2016 2017 2018 2019 2020

Nu

mb

er o

f Sa

les

that

Occ

urr

ed

Single-Family Condominum Duplex

Number of Residential Sales


Commercial Property

ca. 1991


2021 Commercial Assessed Value Change(Does not include New Construction)

Type

Average

% Change

Land 2.0%

Industrial 0.4%

Four-Plex 0.4%

Office -2.6%

Apartments (5+ units) -4.6%

Retail -4.9%

Hotel -11.3%


Hotels: Reported Gross Room Revenue

(millions)*

*Gross room revenue is based on the same 56 hotels over time

$-

$50

$100

$150

$200

$250

$300

2017 2018 2019 2020

Millio

ns


What is Personal Property?


Personal Property Rolls

Mobile Home Timely,

$51.9 , 2%

Mobile Late & Involuntary,

$41.3 , 1%

Business,

$2,515.8 , 86%

Business Late & Involuntary,

$181.5 , 6%

Oil and Gas,

$152.0 , 5%

(in millions)

18


Tax Year 2021 in Summary

19

What’s Next?• Informal review period

• Deadline for appeals is Feb 11th

Total Value 0.3%

Existing Commercial 3.1%

Existing Residential 1.4%

Taxable New Construction 25.4%

Exemptions 0.7%

Total Taxable Value 0.1%


Thank You

www.muni.org/pa

Appeal Phone Line

(907) 343-6500Photo: Josiah Ingels

2021 property appraisal annual valuation report

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