The property tax mill levy will remain unchanged this year. That’s the rate that is multiplied against a property’s assessed value to determine the annual tax bill.
It’s the fifth year in a row without a change in the tax rate.
As Larry Persily reports, the assembly voted unanimously on May 12 to set the levy at 9.75 mills, which is $975 per $100,000 in assessed value.
Property tax revenues, projected at almost $2.43 million for the fiscal year that starts July 1, are the second-largest income for the borough’s general fund. Sales tax revenues, at close to $3.8 million this year, take the top spot.
The assessed value of privately owned residential and commercial land and buildings in Wrangell totals $260 million, about the same as last year.
Property taxes are due at City Hall by Oct. 15. Unpaid property taxes will accrue interest and penalties.
