05/02/13 - 7:43am
Should other factors be considered in determining the Senior Property Tax Exemption?
The State provides a $150,000 property tax exemption to seniors 65 years old. The Kenai Borough allows up to $300,000. The senior exemption up to $150,000 is required under Alaska statute 29.45.030. The additional amount of the exemption, up to $300,000, is an optional exemption authorized under Alaska statute 29.45.050 and adopted in Borough code 5.12.105. However, there are factors that will reduce the exemption. Borough code 5.12.105. states: