People who purchase property in the City and Borough of Juneau are now required to disclose to the CBJ Assessor’s Office how much they paid for their property, the city announced.

The new mandatory disclosure law applies to anyone buying property as of Monday.

Alaska state law requires municipalities to assess property as accurately as possible, the city said in a news release, and price disclosure allows the assessor’s office to more accurately establish the value of properties, resulting in greater property tax equity among property owners.

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The assessor’s office will send out a letter and form to new property owners, and the price paid for the property will remain confidential, according to the city. Only the date of the transaction will be included in the information available to the public. The sales data provided will be compiled with all other sales data as part of determining assessed values using statistical analysis, according to the city. The assessed value for the property will not be based solely on the sale price and may not be the same as the sale price, the release said.

The ordinance, No. 2020-47(am), can be read at the city’s website, juneau.org.