Naknek, Alaska Property Taxes
The median property tax rate in Naknek, AK is 1.10%, 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 Naknek at $503,000, the typical annual property tax bill reaches $5,534, significantly exceeding the national median of $2,690. Property taxes in Naknek are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Naknek'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 Naknek 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
Naknek, Alaska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$5,533
Ownwell’s Naknek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Naknek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Naknek 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 Naknek, Alaska
Property taxes in Naknek, Alaska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Naknek is 1.10%, higher than both the Alaska state median and the U.S. national median of 0.99%. Local government entities within Naknek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Naknek 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 Naknek's effective property tax rate to other counties in Alaska and the national median. For comparison, the 99633 zip code has the highest median property tax rate of 1.10%, while the same zip code also has the lowest median tax rate of 1.10%. Understanding how these cities compare with Naknek provides valuable insights into the varying tax landscape across Bristol Bay, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Naknek Tax Rate
1.10%
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 Naknek, Alaska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99633 | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Naknek, Alaska
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Naknek, Alaska. 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 Bristol Bay Borough 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. For example, the median home price in Naknek is $503,000, and the median property tax bill is $5,534. Interestingly, the highest and lowest median tax bills in Naknek are both $5,534, found in zip code 99633. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Naknek Assessed Value
$503,000
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 Naknek, Alaska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99633 | $503,000 | $503,000 | $503,000 | $503,000 | $503,000 |
Source: Ownwell
Property Tax Bills Across Naknek, Alaska
In Naknek, located in Bristol Bay, AK, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor's office and reflects the estimated market value of the property. Homeowners in Naknek experience a median property tax bill of $5,534, which is significantly higher than the national median property tax rate of 0.99%. This higher tax bill is influenced by the median home price in the area, which stands at $503,000. Factors that contribute to the calculation of property tax bills include the property's assessed value, local tax rates, and any applicable exemptions or deductions. For homeowners, this means that fluctuations in home values and changes in local tax rates can directly impact their annual tax obligations. The relatively high property tax bills in Naknek underscore the importance of understanding how these factors interplay to affect overall housing costs.
Average Naknek Tax Bill
$5,534
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 Naknek, Alaska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99633 | $5,534 | $5,534 | $5,534 | $5,534 | $5,534 |
Source: Ownwell