Kaktovik, Alaska Property Taxes
The median property tax rate in Kaktovik, AK is 1.80%, considerably higher than both the national median of 0.99% and the Alaska state median of 1.37%. With the median home value in Kaktovik, the typical annual property tax bill reaches $1,216, which is lower than the national median of $2,690. Property taxes in Kaktovik 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 Kaktovik'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 Kaktovik 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
Kaktovik, Alaska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.8%
Estimate Property Tax Bill
$1,805
Ownwell’s Kaktovik Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kaktovik with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kaktovik 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 North Slope County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Kaktovik, Alaska
Property taxes in Kaktovik, Alaska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kaktovik is 1.80%, significantly higher than the U.S. national median of 0.99%. Local government entities within Kaktovik set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kaktovik 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 Kaktovik's effective property tax rate to other counties in Alaska and the national median. For comparison, the 99747 zip code 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 cities compare with Kaktovik 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 Kaktovik 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 Kaktovik, Alaska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99747 | 0.33% | 0.63% | 1.80% | 1.80% | 1.80% |
Source: Ownwell
Property Tax Assessment Values Across Kaktovik, Alaska
In Kaktovik, 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. 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. 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 Kaktovik helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Kaktovik is $100,300, with median tax bills ranging from $658 at the 25th percentile to $2,237 at the 90th percentile. The zip code 99747 has the highest and lowest median tax bill of $1,216.
Average Kaktovik Assessed Value
$100,300
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 Kaktovik, Alaska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99747 | $58,680 | $75,800 | $100,300 | $125,800 | $156,380 |
Source: Ownwell
Property Tax Bills Across Kaktovik, Alaska
In Kaktovik, located in North Slope County, AK, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by local assessors who evaluate your property’s market value. This assessed value is then multiplied by the local tax rate to determine your annual property tax bill. Homeowners in Kaktovik experience a range of property tax bills. For instance, the tax bill at the 25th percentile is $658, while at the 75th percentile, it rises to $1,739, and at the 90th percentile, it reaches $2,237. These figures highlight the variability in tax bills depending on property values and other local factors. Compared to the national median property tax rate of 0.99%, Kaktovik’s tax rates may seem favorable or burdensome depending on individual circumstances. Understanding these calculations helps homeowners anticipate their financial obligations and plan accordingly.
Average Kaktovik Tax Bill
$1,216
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 Kaktovik, Alaska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99747 | $311 | $658 | $1,216 | $1,739 | $2,237 |
Source: Ownwell