Barrow, Alaska Property Taxes
The median property tax rate in Barrow, AK is 1.80%, significantly higher than both the national median of 0.99% and the Alaska state median of 1.37%. With the median home value in Barrow at $201,800, the typical annual property tax bill reaches $2,987, exceeding the national median of $2,690. Property taxes in Barrow are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Barrow'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 Barrow 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
Barrow, Alaska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.8%
Estimate Property Tax Bill
$3,632
Ownwell’s Barrow Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Barrow with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Barrow 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 Barrow, Alaska
Property taxes in Barrow, Alaska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Barrow is 1.80%, significantly higher than the U.S. national median of 0.99%. Local government entities within Barrow set these rates annually, and they can vary across different neighborhoods. Each year, Barrow 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 Barrow's effective property tax rate to other regions in Alaska and the national median. For comparison, the zip code 99723 has the highest median property tax rate of 1.80%, while the same zip code also has the lowest median tax rate of 1.80%. Understanding how these figures compare with Barrow provides valuable insights into the varying tax landscape across North Slope, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Barrow Tax Rate
1.80%
Average North Slope County Tax Rate
1.80%
Average Alaska Tax Rate
1.37%
Average United States Tax Rate
0.99%
Property Tax Rates Across Barrow, Alaska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99723 | 1.00% | 1.22% | 1.80% | 1.80% | 1.80% |
Source: Ownwell
Property Tax Assessment Values Across Barrow, Alaska
In Barrow, 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 by the North Slope County Appraisal District 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 Barrow, 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. For instance, the median home price in Barrow is $201,800, with tax bills ranging from $2,041 at the 25th percentile to $6,060 at the 90th percentile. The highest median tax bill in the area is $2,987, found in the 99723 zip code, which also has the lowest median tax bill of $2,987. By understanding 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 Barrow helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Barrow Assessed Value
$201,800
Average North Slope County Assessed Value
$130,000
Average Alaska Assessed Value
$289,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Barrow, Alaska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99723 | $74,860 | $131,500 | $201,800 | $271,700 | $358,640 |
Source: Ownwell
Property Tax Bills Across Barrow, Alaska
In Barrow, North Slope, AK, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to compute the annual tax bill. For instance, with a median home price of $201,800, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is approximately $2,041, while at the 75th percentile, it rises to around $4,403. The 90th percentile sees tax bills as high as $6,060. These figures show a significant range, reflecting differences in property values and specific assessments. The highest and lowest median tax bills in Barrow are both $2,987, indicating a consistent tax rate across the area. Compared to the national median property tax rate of 0.99%, Barrow's tax rates can be considered relatively moderate. Homeowners in Barrow should be aware of these factors, as property taxes influence overall housing costs and can affect long-term financial planning.
Average Barrow Tax Bill
$2,987
Average North Slope County Tax Bill
$2,211
Average Alaska Tax Bill
$3,874
Average United States Tax Bill
$2,690
Property Tax Bills Across Barrow, Alaska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99723 | $1,031 | $2,041 | $2,987 | $4,403 | $6,060 |
Source: Ownwell