Fairbanks, Alaska Property Taxes
The median property tax rate in Fairbanks, AK is 1.46%, considerably higher than both the national median of 0.99% and the Alaska state median of 1.37%. With the median home value in Fairbanks at $252,266, the typical annual property tax bill reaches $3,830, exceeding the national median of $2,690. Property taxes in Fairbanks 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 Fairbanks'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 Fairbanks 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
Fairbanks, Alaska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.46%
Estimate Property Tax Bill
$3,683
$3,418
Ownwell’s Fairbanks Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairbanks with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairbanks 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 Fairbanks, Alaska
Property taxes in Fairbanks, Alaska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairbanks is 1.46%, higher than both the Alaska state median and the U.S. national median of 0.99%. Local government entities within Fairbanks set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairbanks 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 Fairbanks' effective property tax rate to other areas in Fairbanks North Star County and the national median. For comparison, the 99709 zip code has the highest median property tax rate of 1.51%, while the 99714 zip code has the lowest median tax rate of 0.95%. Understanding how these areas compare with Fairbanks provides valuable insights into the varying tax landscape across Fairbanks North Star County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairbanks Tax Rate
1.46%
Average Fairbanks North Star County Tax Rate
1.40%
Average Alaska Tax Rate
1.37%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairbanks, Alaska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99701 | 1.22% | 1.32% | 1.44% | 1.66% | 1.66% |
| 99705 | 1.29% | 1.36% | 1.49% | 1.57% | 1.58% |
| 99709 | 1.28% | 1.40% | 1.51% | 1.64% | 1.74% |
| 99712 | 1.12% | 1.26% | 1.40% | 1.49% | 1.63% |
| 99714 | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Fairbanks, Alaska
In Fairbanks, 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 Fairbanks North Star 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. In Fairbanks, 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. Homeowners in Fairbanks should note that the highest median tax bill is $5,776 in the 99705 zip code, while the lowest is $1,909 in the 99714 zip code. Being aware of these valuation processes in Fairbanks helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fairbanks Assessed Value
$252,266
Average Fairbanks North Star County Assessed Value
$255,766
Average Alaska Assessed Value
$289,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairbanks, Alaska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99701 | $68,948 | $151,111 | $213,754 | $278,600 | $340,882 |
| 99705 | $314,444 | $374,397 | $410,058 | $433,677 | $471,955 |
| 99709 | $67,908 | $165,198 | $268,292 | $348,382 | $444,268 |
| 99712 | $39,352 | $139,145 | $262,412 | $356,444 | $436,158 |
| 99714 | $210,198 | $223,852 | $246,608 | $269,364 | $283,018 |
Source: Ownwell
Property Tax Bills Across Fairbanks, Alaska
Property tax bills in Fairbanks, located in Fairbanks North Star County, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor's office and reflects the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence the assessed value, including the size of the property, its location, and any improvements made to it. Homeowners in Fairbanks can expect their tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $2,266, while it rises to $5,254 at the 75th percentile and reaches $6,749 at the 90th percentile. The median home price in Fairbanks is $252,266, and the property tax rate is a critical factor in determining the financial burden on homeowners. Compared to the national median property tax rate of 0.99%, Fairbanks presents a diverse range of tax bills, reflecting the varied property values within the city.
Average Fairbanks Tax Bill
$3,830
Average Fairbanks North Star County Tax Bill
$3,655
Average Alaska Tax Bill
$3,874
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairbanks, Alaska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99701 | $1,406 | $2,182 | $3,152 | $4,368 | $5,309 |
| 99705 | $4,207 | $4,755 | $5,776 | $6,831 | $7,440 |
| 99709 | $1,066 | $2,469 | $4,045 | $5,470 | $7,065 |
| 99712 | $691 | $2,064 | $3,638 | $5,174 | $6,484 |
| 99714 | $1,909 | $1,909 | $1,909 | $1,909 | $1,909 |
Source: Ownwell