Property tax amounts are determined by multiplying the assessed value of the property and applicable mill rates. The assessed value is determined by the Assessing Department and Mill Rates (tax rates) are set annually by the Assembly. The Finance Department prepares and mails the property tax statements by July 1st of each year according to the Levy Roll.
Taxes are due when billed. If paid in one payment, it is due by October 15th of each year. However, if half of a tax bill is paid by August 15th, the second half is not due until November 15th.
A 10% penalty is added if taxes are not paid on time, and interest starts accruing at 12% per annum.
If taxes remain unpaid, the foreclosure process usually begins in January. Per State Statute 29.45.320, a petition for judgment is presented to the superior court and a listing of delinquent accounts is printed in the newspaper for four consecutive weeks. During this year the property may be redeemed by paying all taxes, penalties and interest, and other costs.
If, after this year, the taxes have not been paid, the Borough, in accordance with State Statute 29.45.460, can retain the property for a public purpose or sell the foreclosed property. Tax foreclosed property is sold via sealed bid and/or public outcry auction.