Senior tax exemption covers 25% of Wrangell's residential property
July 13, 2022
As Wrangell’s population continues to age, an increasing number of homes in town qualify for the state-mandated exemption from property taxes.
About 25% of the assessed value of residential property in Wrangell is senior-owned and exempt from taxes, according to borough data.
The tax-exempt status will cost the borough $427,000 in lost revenue this year. The borough expects to collect almost $1.8 million in property taxes this year on taxable residential and commercial property.
The total assessed value of all privately owned residential property in the community this year is just over $1...