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Property Assessments Go Up As Much As 35%


January 19, 2007

Ketchikan, Alaska - Ketchikan Gateway Borough real property assessment notices were mailed on January 17th according to Dennis Finegan, KGB Director of Assessment. In a news release, Finegan stated, "A review and analysis of the real estate market has mandated adjustments to assessed values." He said State Statutes and Borough Code require that assessments be at full and true value as of the January 01, 2007 assessment date.



Finegan said the reappraisal area for 2007 included Ketchikan residential property from the tunnel/Schoenbar bypass to south Ketchikan city limits and all property from South Ketchikan City limits to the south end of the road - except Saxman residential. George Inlet and Dall Head areas were also reappraised.

"The 2007 assessed value in reappraisal areas will typically have substantial increases over the 2006 assessment level," said Finegan.

"Most City of Ketchikan residential properties that were not reappraised will have upward value adjustments ranging up to 15%. Some condominiums will be returning to 1999 value levels with adjustments up to 35%. Commercial and industrial parcels in the City of Ketchikan will receive adjustments ranging up to 25%," said Finegan.

Finegan said, "Residential properties north of Ketchikan city limits will have overall adjustments ranging up to 15%. Clover Pass, Moser Bay and Loring areas will receive land adjustments up to 20%. "

The Ketchikan borough is on a four year reappraisal cycle with one cycle being physically reappraised each year said Finegan. Properties outside the reappraisal cycle will receive applicable percentage adjustments.



Source of News:

Ketchikan Gateway Borough Director of Assessment


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