Homer, Alaska Property Taxes
The median property tax rate in Homer, AK is 1.01%, slightly higher than the national median of 0.99% but lower than the Alaska state median of 1.37%. With a median home value of $236,400 in Homer, the typical annual property tax bill amounts to $1,696, which is below the national median of $2,690. Property taxes in Homer are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Homer'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 Homer 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
Homer, Alaska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$2,388
$2,216
Ownwell’s Homer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Homer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Homer 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 Homer, Alaska
Property taxes in Homer, Alaska, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Homer is 1.01%, which is above the U.S. national median of 0.99%. Local government entities within Homer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Homer 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 Homer's effective property tax rate to other regions and the national median. For comparison, the 99603 zip code has the highest median property tax rate of 1.01%, which is the same as the lowest median tax rate in the same zip code. Understanding how these rates compare with Homer's provides valuable insights into the varying tax landscape across Kenai Peninsula Borough, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Homer Tax Rate
1.01%
Average Kenai Peninsula County Tax Rate
0.87%
Average Alaska Tax Rate
1.37%
Average United States Tax Rate
0.99%
Property Tax Rates Across Homer, Alaska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99603 | 0.12% | 0.64% | 1.01% | 1.09% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Homer, Alaska
In Homer, 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 Kenai Peninsula 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 Homer, 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 Homer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 99603 has the highest and lowest median tax bill, both at $1,696, highlighting the uniformity in property tax assessments within the area.
Average Homer Assessed Value
$236,400
Average Kenai Peninsula County Assessed Value
$187,000
Average Alaska Assessed Value
$289,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Homer, Alaska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99603 | $60,620 | $127,900 | $236,400 | $356,175 | $492,000 |
Source: Ownwell
Property Tax Bills Across Homer, Alaska
In Homer, located in Kenai Peninsula County, property tax bills are calculated based on the assessed value of a home rather than its market value. The assessed value is determined by local tax assessors who evaluate properties periodically to ensure accurate valuations. Homeowners in Homer can expect their tax bills to vary significantly, with the 25th percentile at $687 and the 75th percentile reaching $3,087. At the 90th percentile, tax bills can be as high as $4,518. Several factors influence these tax bills, including property size, location, and any improvements made to the home. The highest median tax bill in the area is $1,696, which is considerably lower than the national median property tax rate of 0.99%. This relatively low tax burden can make homeownership in Homer more affordable compared to other regions. For homeowners, understanding these factors is crucial for budgeting and financial planning, ensuring they are well-prepared for their annual property tax obligations.
Average Homer Tax Bill
$1,696
Average Kenai Peninsula County Tax Bill
$1,110
Average Alaska Tax Bill
$3,874
Average United States Tax Bill
$2,690
Property Tax Bills Across Homer, Alaska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99603 | $195 | $687 | $1,696 | $3,087 | $4,518 |
Source: Ownwell