An individual who purchases a home will take a home as a tenant in severalty. Married couples normally own joint real estate as tenants by the entirety. This means each one owns 100% of the real estate. When one passes away, the other automatically owns the entire home, free and clear of their spouse's estate. There is no joint tenancy in Alaska. All other persons who purchase real estate, together, own the property as tenants in common. When a tenant in common passes away, that person's property passes to his or her beneficiaries who may or may not be the other owner of the property.
House Taxes: Alaska is a privacy state. Unlike the Lower 48, you are not obligated to tell the city or the borough, how much you paid for your home. The government will use other available information to determine the value, if you decide not to provide the requested information. Once you close on your new home, you will receive a polite card, asking how much you paid for your home, so they will have an accurate assessment of your home for tax purposes. You do not legally have to reply to this request. Tax valuations are available online, and you definitely want to respond, if you believe the valuation is too high!
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