ITEM TITLE:
#25-25 - Establishing the 2025 Rate of Real and Personal Property Tax and Designating the Number of Mills for Each Dollar of Real Property to be Levied for Municipal and School Purposes
SUBMITTED BY: Jordan Nelson, Finance Director
FISCAL NOTES:
Expenditure Required: n/a
Unencumbered Balance: n/a
Funding Source: n/a
RECOMMENDATION:
Approve Resolution 25-25.
SUMMARY STATEMENT:
This Resolution reflects the maximum levy of twenty (20) mills, pursuant to prior Council discussions during the 2025 budget hearings.
2025 Assessed values are as follows
• Oil and Gas Property $2,184,090,160
• Other Real Property $381,631,910
• Total $2,565,722,070
Property Taxable pursuant to VMC 3.30 is not included in the above analysis as the final value is currently in appeal.
2025 Property Tax Revenue, based on 20 mills: $51,314,441
• 2025 Adopted Budget Revenue $51,145,130
• Maximum Allowed Revenue $61,468,071
• 2025 Estimated “over cap” Revenue none
The entirety of the AS 43.56 preliminary assessment roll issued by the State of Alaska Department of Revenue on February 28, 2025, was appealed. On April 1st, 2025, the State Petroleum Property Assessor forwarded appeal outcomes totaling $0 reflecting the Department of Revenue Informal Conference Decision.
Staff will apprise Council of any procedural formalities arising from a future revision to the assessment roll.