Hope, Alaska Property Taxes
The median property tax rate in Hope, AK is 0.57%, significantly lower than both the national median of 0.99% and the Alaska state median of 1.37%. With a median home value of $118,200 in Hope, the typical annual property tax bill amounts to $576, which is well below the national median of $2,690. Property taxes in Hope are determined based on the tax assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Hope's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Hope or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hope, Alaska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$674
$625
Ownwell’s HOPE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in HOPE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in HOPE 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 Hope, Alaska
Property taxes in Hope, Alaska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hope is 0.57%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Hope set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hope 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 Hope's effective property tax rate to other areas in Alaska and the national median. For comparison, the zip code 99605 has both the highest and lowest median property tax rate of 0.57%, which is the same as Hope's rate. Understanding how these areas compare with Hope provides valuable insights into the varying tax landscape across Kenai Peninsula, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hope Tax Rate
0.57%
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 Hope, Alaska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99605 | 0.25% | 0.57% | 0.57% | 0.57% | 0.57% |
Source: Ownwell
Property Tax Assessment Values Across Hope, Alaska
In Hope, 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 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. In Hope, 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 Hope helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 99605 has the highest and lowest median tax bill at $576.
Average Hope Assessed Value
$118,200
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 Hope, Alaska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99605 | $50,360 | $70,400 | $118,200 | $222,600 | $331,600 |
Source: Ownwell
Property Tax Bills Across Hope, Alaska
In Hope, located in Kenai Peninsula County, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to generate the annual tax bill. For instance, with a median home price of $118,200, homeowners can expect varying tax bills. The 25th percentile tax bill is around $327, while the 75th percentile reaches up to $1,173, and the 90th percentile can go as high as $1,744. These figures reflect the range of property tax obligations homeowners might face, depending on their property's assessed value and specific circumstances. The highest and lowest median tax bills in the area are both $576, indicating some uniformity in tax assessments within certain zip codes. Compared to the national median property tax rate of 0.99%, Hope's tax rates can significantly impact homeowners, making it essential for them to understand how their property is assessed and to stay informed about potential changes in local tax rates.
Average Hope Tax Bill
$576
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 Hope, Alaska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99605 | $171 | $327 | $576 | $1,173 | $1,744 |
Source: Ownwell