Fairbanks North Star County Property Taxes
The median property tax rate in Fairbanks North Star is 1.40%, which is higher than both the national median of 0.99% and the Alaska state median of 1.37%. With the median home value in Fairbanks North Star, the typical annual property tax bill reaches $3,655, which exceeds the national median of $2,690. Property taxes in Fairbanks North Star are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Fairbanks North Star's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Fairbanks or another part of Fairbanks North Star, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fairbanks North Star County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.4%
Estimate Property Tax Bill
$3,581
Ownwell’s Fairbanks North Star Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Fairbanks North Star with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Fairbanks North Star to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Fairbanks North Star County, Alaska
Property taxes in Fairbanks North Star play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Fairbanks North Star is 1.40%, which is higher than both the Alaska state median and the U.S. national median of 0.99%. Local government entities within Fairbanks North Star set these rates annually, and they can vary significantly between different areas within the county. Each year, Fairbanks North Star estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Fairbanks North Star's effective property tax rate with other areas in Alaska and the national median. For comparison, the city of Fairbanks has one of the higher property tax rates in Alaska at 1.46%, while the city of Salcha boasts one of the lowest at 1.26%. Analyzing how Fairbanks North Star's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Fairbanks North Star County Tax Rate
1.40%
Average Alaska Tax Rate
1.37%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairbanks North Star County, Alaska
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Fairbanks | 1.21% | 1.33% | 1.46% | 1.60% | 1.71% |
| North Pole | 1.15% | 1.23% | 1.33% | 1.40% | 1.53% |
| Salcha | 0.99% | 1.26% | 1.26% | 1.26% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Fairbanks North Star County, Alaska
In Fairbanks North Star, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Fairbanks North Star Appraisal District. The assessed value, however, is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. Assessment notices in Fairbanks North Star are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Fairbanks North Star has a wide range of tax bills, from the highest median tax bill of $3,830 in Fairbanks to the lowest at $1,764 in Salcha. Being aware of these valuation processes will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Fairbanks North Star County, Alaska
Source: Ownwell
$142,391
$276,225
$410,058
Average Fairbanks North Star County Assessed Value
$255,766
Average Alaska Assessed Value
$289,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairbanks North Star County, Alaska
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Fairbanks | $59,516 | $155,000 | $252,266 | $335,722 | $424,975 |
| North Pole | $63,153 | $201,634 | $278,391 | $338,850 | $405,713 |
| Salcha | $29,221 | $55,186 | $142,391 | $230,088 | $306,630 |
Source: Ownwell
Property Tax Bills Across Fairbanks North Star County, Alaska
In Fairbanks North Star County, AK, property tax bills are determined based on the assessed value of a home and the county's tax rate. The median home price in the county is $255,766. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual tax bill. Various factors such as property size, location, and improvements can influence the assessed value. Homeowners in Fairbanks North Star County can expect tax bills that vary significantly. The 25th percentile of tax bills is around $2,204, while the 75th percentile reaches approximately $4,933. For those at the 90th percentile, tax bills can soar to about $6,331. Notably, Fairbanks has the highest median tax bill in the county at $3,830, whereas Salcha has the lowest at $1,764. Comparing these figures to the national median property tax rate of 0.99%, homeowners in this county may experience a wide range of property tax burdens, impacting their overall cost of living and financial planning.
Average Fairbanks North Star County Tax Bill
$3,655
Average Alaska Tax Bill
$3,874
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairbanks North Star County, Alaska
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Fairbanks | $944 | $2,266 | $3,830 | $5,254 | $6,749 |
| North Pole | $862 | $2,549 | $3,679 | $4,586 | $5,552 |
| Salcha | $370 | $707 | $1,764 | $2,676 | $3,795 |
Source: Ownwell