Alaska Counties
Alaska State Auction Process
As the largest state in the United States, Alaska presents a unique tax landscape where only a portion of its vast land mass is subject to property taxes. However, the state demonstrates its commitment to certain segments of its population by offering property tax exemptions. Senior citizens aged 65 and over, as well as disabled veterans with a service-connected disability of 50% or more, enjoy an exemption of up to $150,000 of assessed value.
Alaska’s municipal government is structured around two essential entities: cities and organized boroughs. Both cities and boroughs serve as municipal corporations and political subdivisions of the state. The Alaska Constitution mandates the division of the entire state into organized or unorganized boroughs, taking into account factors such as natural geographic boundaries, economic viability, and common interests. Organized boroughs primarily exist in areas with well-developed economies, while the unorganized borough represents the portion of the state that has not been incorporated into a formal borough structure.
Alaska’s municipal government is structured around two essential entities: cities and organized boroughs. Both cities and boroughs serve as municipal corporations and political subdivisions of the state. The Alaska Constitution mandates the division of the entire state into organized or unorganized boroughs, taking into account factors such as natural geographic boundaries, economic viability, and common interests. Organized boroughs primarily exist in areas with well-developed economies, while the unorganized borough represents the portion of the state that has not been incorporated into a formal borough structure.
Tax Deed State
Being a tax-deed state, Alaska follows a distinct approach. Unlike tax lien states, where a lien is sold against the property, giving the owner the right to collect the delinquent taxes and earn interest, in Alaska, the actual property is sold after tax foreclosure. This means that ownership of the property is transferred to the successful bidder through the auction process.
One essential aspect of the auction is the minimum bid, which is based on past-due taxes, interest, and fees associated with the property. This ensures that the auction proceeds cover the outstanding obligations and provide a fair opportunity for interested parties to participate.
One essential aspect of the auction is the minimum bid, which is based on past-due taxes, interest, and fees associated with the property. This ensures that the auction proceeds cover the outstanding obligations and provide a fair opportunity for interested parties to participate.
State Foreclosure Process in Alaska
Alaska is a non-judicial foreclosure state. This means that the foreclosure process in Alaska typically does not involve court proceedings unless the borrower challenges the foreclosure or there are legal disputes related to the property. Non-judicial foreclosures allow lenders to foreclose on a property without court involvement, following the specific procedures outlined in state law.
Let’s delve into the foreclosure process in the state of Alaska. It’s important to note that most foreclosures in Alaska are nonjudicial, meaning they do not require court involvement. Here’s an overview of the foreclosure process in Alaska:
1. Notice of Foreclosure: To initiate a nonjudicial foreclosure, the trustee (typically appointed by the lender) records a notice of default at the appropriate recording district. This must be done at least 30 days after the borrower’s default and not less than 90 days before the foreclosure sale. The trustee is responsible for notifying the borrower and other relevant parties by certified mail or personal delivery within specified timeframes.
2. Foreclosure Sale: The foreclosure sale is conducted as an auction open to all interested bidders. Typically, the lender submits a bid on the property using a “credit bid,” which means they can bid up to the amount owed on the borrower’s debt. The highest bidder at the sale becomes the new owner of the property.
3. Redemption Period: In Alaska, there is no automatic right of redemption after a nonjudicial foreclosure. However, if the deed of trust signed by the borrower explicitly grants a right of redemption, it may be available. A right of redemption allows the borrower to reclaim the property by repaying the sale price plus any additional costs incurred during the foreclosure process.
Let’s delve into the foreclosure process in the state of Alaska. It’s important to note that most foreclosures in Alaska are nonjudicial, meaning they do not require court involvement. Here’s an overview of the foreclosure process in Alaska:
1. Notice of Foreclosure: To initiate a nonjudicial foreclosure, the trustee (typically appointed by the lender) records a notice of default at the appropriate recording district. This must be done at least 30 days after the borrower’s default and not less than 90 days before the foreclosure sale. The trustee is responsible for notifying the borrower and other relevant parties by certified mail or personal delivery within specified timeframes.
2. Foreclosure Sale: The foreclosure sale is conducted as an auction open to all interested bidders. Typically, the lender submits a bid on the property using a “credit bid,” which means they can bid up to the amount owed on the borrower’s debt. The highest bidder at the sale becomes the new owner of the property.
3. Redemption Period: In Alaska, there is no automatic right of redemption after a nonjudicial foreclosure. However, if the deed of trust signed by the borrower explicitly grants a right of redemption, it may be available. A right of redemption allows the borrower to reclaim the property by repaying the sale price plus any additional costs incurred during the foreclosure process.
In Summary
❖Judicial Foreclosure Available: Yes
❖Non-Judicial Foreclosure Available: Yes
❖Primary Security Instruments: Deed of Trust, Mortgage
❖Timeline: Varies by Process: Typically 90 days
❖Right of Redemption: Varies by Process
❖Deficiency Judgments Allowed: Varies by Process
❖Non-Judicial Foreclosure Available: Yes
❖Primary Security Instruments: Deed of Trust, Mortgage
❖Timeline: Varies by Process: Typically 90 days
❖Right of Redemption: Varies by Process
❖Deficiency Judgments Allowed: Varies by Process
Alaska Tax Facts
- Alaska is the largest state in the United States; however, for all its vastness, only a small portion of the land mass is subject to a property tax.
- There are approximately 321 communities in Alaska, many of which remain unincorporated.
- There are 165 incorporated municipalities (local governments), 19 of which are incorporated into boroughs (boroughs are a rough equivalent to counties), and the remainder are incorporated as cities.
- Of the 19 boroughs in Alaska, only 15 levy a property tax.
- Only 9 cities located outside of boroughs levy a property tax; therefore, only 24 municipalities in Alaska (either cities or boroughs) levy a property tax.
- One hundred and seven municipalities (reporting) levy a general sales tax. Sales tax rates range from a low of 1% to a high of 7%.
- The “typical” sales tax rates within Alaska range from 2%-5%
Online Auction Resources
- Auction.com Alaska Residential Listings
- Xome Alaska Foreclosure Listings
- ServiceLink Auction Alaska
- Alaska Auction Company
- Webb Auction Alaska
- Grubstake Auction
- RealtyBid Alaska Auctions
- RealtyTrac Alaska Foreclosure Auctions
- Alaska Premier Auctions Real Estate Sales
- Alaska Housing Finance Corporation Property Sale
- McCurdy Auction Service
- Bid4Assets
- Hubzu Auctions
- HUD Homes USA
- Bank Foreclosures Sale
- Alaska Mental Health Trust Land Sales
- Street Directory Alaska Real Estate Auction
- Haines Borough Land Sale Auction
- US Treasury Real Property Auctions
| County | Tax Deed and foreclosure Information |
|---|---|
| MUNICIPALITY OF ANCHORAGE | https://www.muni.org/Departments/hlb/Documents/08.10.10.4closed.props.guide.pdf |
| Fairbanks north star borough | https://www.fnsb.gov/DocumentCenter/View/9417/TAXFACTSnodates?bidId= |
| Haines Borough | https://www.hainesalaska.gov/administration/property-taxes-due-5pm |
| Juneau Borough | library.municode.com |
| Kenai Penisula Borough | tax-foreclosure-sale-excess-proceeds |
| Ketichkan gateway borough | https://www.kgbak.us/449/Sales-Taxes |
| Kodiak island borough | https://www.kodiakak.us/283/Property-Taxes |
| Matanuska Sustina Island borough | https://matsugov.us/docs/general/22078/TS42-Tax--LID-Foreclosure-Sale-Brochure.pdf |
| North Slope Borough | https://www.north-slope.org/contact/ |
| Sitka Borough | https://www.cityofsitka.com/CollectingAndFilingSalesTax |
| Yakutat Borough | https://yakutatak.govoffice2 |