Kodiak, Alaska Property Taxes
The median property tax rate in Kodiak, AK is 1.23%, higher than both the national median of 0.99% and the Alaska state median of 1.37%. With the median home value in Kodiak at $327,650, the typical annual property tax bill reaches $3,693, exceeding the national median of $2,690. Property taxes in Kodiak are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Kodiak's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Kodiak or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Kodiak, Alaska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$4,030
Ownwell’s Kodiak Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kodiak with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kodiak to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Kodiak, Alaska
Property taxes in Kodiak, Alaska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kodiak is 1.23%, significantly higher than the U.S. national median of 0.99%. Local government entities within Kodiak set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kodiak estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Kodiak's effective property tax rate to other counties in Alaska and the national median. For comparison, the 99615 zip code has the highest median property tax rate of 1.23%, while the same zip code also has the lowest median tax rate of 1.23%. Understanding how these cities compare with Kodiak provides valuable insights into the varying tax landscape across Kodiak Island, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kodiak Tax Rate
1.23%
Average Kodiak Island County Tax Rate
1.22%
Average Alaska Tax Rate
1.37%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kodiak, Alaska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99615 | 0.73% | 1.03% | 1.23% | 1.32% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Kodiak, Alaska
In Kodiak, Alaska, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated for tax purposes. In contrast, the assessed value 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. In Kodiak, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. In Kodiak, the median home price is $327,650, with tax bills ranging from $2,383 at the 25th percentile to $5,707 at the 90th percentile. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Kodiak helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kodiak Assessed Value
$327,650
Average Kodiak Island County Assessed Value
$309,800
Average Alaska Assessed Value
$289,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kodiak, Alaska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99615 | $86,040 | $224,675 | $327,700 | $390,475 | $467,330 |
Source: Ownwell
Property Tax Bills Across Kodiak, Alaska
In Kodiak, property tax bills are calculated based on the assessed value of a home, which is determined by the Kodiak Island County Assessor's Office. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For Kodiak, the median home price stands at $327,650. Homeowners can expect tax bills to vary significantly; for instance, those in the 25th percentile have tax bills around $2,383, while those in the 75th percentile see bills closer to $4,805. At the higher end, the 90th percentile tax bill reaches approximately $5,707. These tax bills are influenced by various factors including the property's assessed value, local tax rates, and any applicable exemptions. With the highest and lowest median tax bills both at $3,698 in the 99615 zip code, Kodiak's property taxes can have a notable impact on homeowners' annual expenses. Compared to the national median property tax rate of 0.99%, understanding these local specifics helps homeowners better anticipate their financial obligations.
Average Kodiak Tax Bill
$3,693
Average Kodiak Island County Tax Bill
$3,451
Average Alaska Tax Bill
$3,874
Average United States Tax Bill
$2,690
Property Tax Bills Across Kodiak, Alaska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99615 | $959 | $2,389 | $3,698 | $4,805 | $5,709 |
Source: Ownwell