Commentary: How did property assessments affect Girdwoodians?

By Brice Wilbanks

Commentary Contributor

Forty miles from City Hall, Girdwood property owners opened their 2026 assessments to find increases nearly double to those of their Anchorage neighbors. Assessed annually by the Municipality of Anchorage, the green-colored postcard describes what the Municipality assesses property owners’ land and building value to determine the basis of their annual tax bill.

This year, similar to last, property owners were shocked and dismayed. The median Girdwood property owner saw an increase of 8.2%, more than double the increase for Anchorage-bowl property owners, according to data from the municipality’s property appraisal division. While slightly smaller than 2024-2025, the increases continue to compound, squeezing property owners across the valley and inflating rents

Driving this variation is a major rework of the assessment methodology utilized by the municipality’s property appraisal division. Key changes included: removing the multiplier of building construction quality, utilizing publicly available sales data, and reducing the number of “market areas” from 400 to fewer than 20. Municipal Assessor Jack Gadamus, with the assistance of outside consultants, describes these reforms as “corrective in nature.”

Market Areas are abstractly defined by the Anchorage appraisal office as:

Not “Neighborhoods” in the traditional sense, but geographic areas where Cost-to-Comparable Sales “AV Ratios” are statistically aligned

This significant methodology shift, triggered a reduction from 400+ market areas to fewer than 20, forced evaluations to compete against each other based on sales data and proximity. This led to varying evaluations between properties within geographically constrained and isolated communities.

To understand how this major rework of assessment methodology affected Girdwoodians, let’s take a closer look at the data.

Girdwood Assessments by the Numbers

Girdwood has approximately 1,943 properties split between private owners, state/city lands, and dedicated parks and open space. Looking at the 267 data points Anchorage provides for Girdwood properties, we can calculate this data:

This Year (25-26)

Last Year (24-25)

Two Year (24-26)

Properties Analyzed

1,943

Excluded Properties

224 (199 with $0 value in 2024, 25 newly constructed)

Total Value Increase

$113,669,900

$86,868,880

$200,538,780

Aggregate Growth Rate*

+11.7%

+9.8%

+22.6%

Median Change

+8.2%

+8.3%

+18.5%

Range of Change

-24.4% to +99.9%

-31.7% to +176.3%

-24.9% to +194.3%

Standard Deviation

16.0%

24.1%

27.9%

*Aggregate Growth Rate shows the percentage increase of total valuation during the prescribed period.

10 properties more than 4 SD delta from the mean were excluded.

These numbers tell a striking story: property values didn’t just increase, they accelerated. For property owners hit hard with a large spike in assessment in 2025, it was further compounded with another 8.2% median increase, leading to an 18.5% median increase over two years. This represents approximately $82,390 in additional assessed value and roughly $1,025 more in annual property taxes for the median Girdwood homeowner.

Anchorage’s Acknowledgement of Methodology Issues

After green cards were delivered to property owners, residents of the Municipality were quick to raise concerns. Mayor Suzanne LaFrance issued a press release explaining the assessment methodology differences from previous years. Included was a directive to reexamine areas of town that saw steep valuation increases that may have been disproportionately applied. Girdwood was not on this short list.

With a median increase double that of the Anchorage Bowl, Girdwood objectively bore a disproportionate share of the assessment increases. Condos were hit hard in 2025, with Jack Gadamus admitting, "A disproportionate amount [of 50%+ increases] were from Girdwood," attributing it to market data showing valuations had been "significantly misaligned with actual sales prices." In 2026, single-family homes followed suit with a 12.2% average increase. Yet the Mayor's proactive review of disproportionate assessments covered only four neighborhoods: Goldenview Park, Sahalee, Lookout Landing, and Leary Bay. Girdwood was not among them (Source Pg. 34).

Holtan Hills

While Girdwood property owners absorb increases at twice the municipal rate without the benefit of the proactive review afforded to Anchorage Bowl neighborhoods, the feverishly controversial Holtan Hills development saw a rather interesting lack of change between 2025 and 2026. This, despite major investment in the off-site improvements including the addition of road, sewer, and water access to the widely opposed project. Since its transfer from Heritage Land Bank to CY Investments in 2025, the properties have yet to appreciate, according to the Municipality of Anchorage. Property value for the 33.3 acres representing phases one and two equates to $520,400, a mere $15,628 per acre. The comparable median land value in Girdwood is $659,030 per acre, over 42 times higher than Holtan Hills’ evaluation.

Source:  https://tax.girdwood.app/?parcel=07531107000  https://tax.girdwood.app/?parcel=07531106000

Yet, the $2.7 million in taxpayer-funded off-site improvements, mostly completed in the summer, did not translate into an increase in valuation despite being the most significant residential land disposal in Girdwood's history. Property owners in the valley, whose median home values exceed Anchorage Bowl by more than 50%, contribute proportionally more to municipal coffers. As Girdwood property owners face an 18.5% assessment increase over two years, the 33.3 acres of developable land remains assessed at 3% of Girdwood’s average per-acre value.  

Disproportionately Affected

Accelerating property assessments continue to gouge property owners in Girdwood, leading to increased rent for Girdwood’s critical renter population. Rent prices in Girdwood continue to rise, pricing those who live and work in Girdwood to seek residency elsewhere. The Municipality of Anchorage’s policy continues to hurt Girdwood residents, renters and owners alike, as compounding and regressive property appraisal rates are adjusted based on dissimilar market fluctuations in a city 30 miles from Girdwood. Meanwhile, a controversial development sees flat valuation year over year, despite being valued at less than 3% compared to the average Girdwood resident’s property. In the Municipality's new methodology, Girdwood is close enough to tax but too far to care.

I built an interactive tool to explore Girdwood property assessments using data from the Municipality of Anchorage. View any property and see how values have changed at https://tax.girdwood.app. If you have any question about your assessment or the data presented, please feel free to contact me at 907-748-2964 or brice@girdwood.app.

The deadline for property assessment appeals to be presented to the Board of Equalization is February 11th, 2026. More information can be found here: https://www.muni.org/pa

About the Author

Brice Wilbanks is a full-time Girdwood resident, renter, community volunteer, and candidate for Girdwood Board of Supervisors. He serves as vice-chair of the Girdwood Land Use Committee and previously served as Deputy Chief of Staff to the Mayor of Anchorage.