Bristol Bay County, Alaska Property Taxes
The median property tax rate in Bristol Bay is 1.10%, which is slightly higher than the national median of 0.99% but lower than the Alaska state median of 1.37%. With the median home value in Bristol Bay being $163,100, the typical annual property tax bill is $1,573, significantly below the national median of $2,690. Property taxes in Bristol Bay 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 Bristol Bay's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Naknek or another part of Bristol Bay, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bristol Bay County, Alaska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$1,794
$1,665
Ownwell’s Bristol Bay Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Bristol Bay with just two data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Bristol Bay 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 Bristol Bay County, Alaska
Property taxes in Bristol Bay play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Bristol Bay is 1.10%, which is higher than the U.S. national median of 0.99%. Local government entities within Bristol Bay set these rates annually, and they can vary significantly between different areas within the county. Each year, Bristol Bay 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 Bristol Bay's effective property tax rate with other regions and the national median. For comparison, the city of King Salmon has one of the higher property tax rates in the region at 1.11%, while the city of Naknek boasts one of the lowest at 1.10%. Analyzing how Bristol Bay's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Bristol Bay County Tax Rate
1.10%
Average Alaska Tax Rate
1.37%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bristol Bay County, Alaska
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| King Salmon | N/A | N/A | N/A | N/A | N/A |
| Naknek | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Bristol Bay County, Alaska
Understanding the difference between "market value" and "assessed value" is key to comprehending property taxes in Bristol Bay. 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 Bristol Bay 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 Bristol Bay 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. The median home price in Bristol Bay stands at $163,100, with tax bills ranging from $861 at the 25th percentile to $2,774 at the 90th percentile. Naknek has the highest median tax bill at $5,534, while King Salmon has the lowest at $2,291. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. 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.
Average Bristol Bay County Assessed Value
$163,100
Average Alaska Assessed Value
$289,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bristol Bay County, Alaska
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| King Salmon | N/A | N/A | N/A | N/A | N/A |
| Naknek | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Bristol Bay County, Alaska
In Bristol Bay, AK, property tax bills are calculated based on the assessed value of a home, which is determined by local government assessors. This assessed value is then multiplied by the local tax rate to arrive at the annual property tax bill. For instance, with a median home price of $163,100, homeowners in Bristol Bay can expect tax bills ranging significantly. The 25th percentile tax bill is around $861, while the 75th percentile reaches $2,020, and the 90th percentile can go up to $2,774. Several factors influence these tax bills, including property size, location, and market conditions. Higher-valued homes naturally incur higher taxes; for example, the highest median tax bill in the region is $5,534 in Naknek, while the lowest is $2,291 in King Salmon. For homeowners, understanding these factors and how they impact their tax bill is crucial for financial planning and budgeting. Compared to the national median property tax rate of 0.99%, Bristol Bay's rates reflect the unique economic landscape of the region.
Average Bristol Bay County Tax Bill
$1,573
Average Alaska Tax Bill
$3,874
Average United States Tax Bill
$2,690
Property Tax Bills Across Bristol Bay County, Alaska
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| King Salmon | N/A | N/A | N/A | N/A | N/A |
| Naknek | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell