Board upholds appraisal for large Olness West lot after reviewer finds sales justify 2025 values

Lawrence Marakami appealed the 2025 assessed value for his roughly 13-acre parcel in the rural Olness West subdivision (Treasure Street). Marakami told the board he bought the lot decades ago and argued the property is the largest and wettest in the subdivision and should be valued lower. He said access in some lots remains only by trail and that building a road and installing utilities would be expensive and likely impossible in his lifetime.

Assessor appraiser Matt Casort described a full reappraisal the assessor conducted for Olness West in 2024–25 after the borough obtained a substantial number of sales from the Alaska Mental Health Trust. Appraisers inspected the subdivision by four-wheeler, photographed lots, analyzed size, location and sales and tested a size-based price-per-acre scale. Casort said the assessor’s final 2025 price-per-acre range for the subdivision was roughly $990–$3,607 per acre; Marakami’s lot sits at the low end because it is larger and has wetland characteristics, producing a 2025 assessed land value of $12,868.

Marakami supplied one unsolicited purchase offer he received that he said was far below the assessor’s value; appraisers told the board the offer came from a national “we-buy-land” buyer that advertises purchases 30%–90% below market and that such offers are not a reliable market indicator. The board voted 5–0 to uphold the assessor’s 2025 land assessment of $12,868 and directed the clerk to issue written findings.

Ending The board will mail findings and conclusions to Marakami and the assessor; assessors noted the subdivision will continue to be monitored and new sales in 2025–26 may prompt further review.