Most property assessments in Juneau did not change much from this year to last, according to preliminary data recently shared by the city.
Both residential and commercial property assessments rose by less than 2% on average. Residential property assessments saw an average rise of just about 1.66% overall and commercial assessments rose 1.24% compared to the year before. The value of vacant land rose by less than 1%.
City Finance Director Angie Flick said that reflects a cooling housing market.
“Homes are staying on the market longer,” she said. “We still have a housing crisis in Juneau — that’s not to say that’s no longer an issue — but the market seems to have cooled substantially compared to last year, a couple of years before that.”
Last year, the residential assessed property value increased by an average of about 16% — and some residents reported a more than 40% rise. Commercial property assessments rose by about 6%.
City assessors rely on retail sales data to make their assessments, but that data has become harder to get. Alaska is one of only several states that doesnʼt require disclosure of real estate sale prices. In 2020, the Juneau Assembly mandated disclosure, but that was repealed by voters in the 2022 local election.
Flick said that change has made it more difficult for Juneau’s assessors to do their job.
“Our assessor’s office is working to an end without full data. So, they use the data that they have and they use tools and processes in the trade, and they follow all of the standards. Certainly having full information would create better results,” she said.
Though property assessment notices were recently shared with residents, property tax bills won’t be released until June.
Property taxes are calculated by multiplying a property’s assessed value by the city’s mill rate. The Assembly will decide on a mill rate this spring.
The deadline to file a petition for an assessment to the city is April 1. More information can be found on the city’s website.
