Larsen Bay, Alaska Property Taxes
The median property tax rate in Larsen Bay, AK is 1.03%, 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 Larsen Bay at $65,550, the typical annual property tax bill amounts to $604, significantly below the national median of $2,690. Property taxes in Larsen Bay are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Larsen Bay'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 Larsen Bay or another part of Kodiak Island, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Larsen Bay, Alaska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$675
$627
Ownwell’s Larsen Bay Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Larsen Bay with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Larsen Bay 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 Larsen Bay, Alaska
Property taxes in Larsen Bay, Alaska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Larsen Bay is 0.55%, significantly lower than both the Alaska state median of 1.19% and the U.S. national median of 0.99%. Local government entities within Larsen Bay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Larsen Bay 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 Larsen Bay's effective property tax rate to other counties in Alaska and the national median. For comparison, the zip code 99624 in Kodiak Island has the highest median property tax rate of 0.55%, while the same zip code also has the lowest median tax rate of 0.55%. Understanding how these cities compare with Larsen Bay provides valuable insights into the varying tax landscape across Kodiak Island, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Larsen Bay Tax Rate
1.03%
Average Kodiak Island County Tax Rate
1.22%
Average Alaska Tax Rate
1.37%
Average United States Tax Rate
0.99%
Property Tax Rates Across Larsen Bay, Alaska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99624 | 1.02% | 1.02% | 1.03% | 1.03% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Larsen Bay, Alaska
In Larsen Bay, 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 Kodiak Island 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 Larsen Bay, 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. The median home price in Larsen Bay is $65,550, with tax bills ranging from $451 at the 25th percentile to $1,144 at the 90th percentile. Being aware of these valuation processes in Larsen Bay helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Larsen Bay Assessed Value
$65,550
Average Kodiak Island County Assessed Value
$309,800
Average Alaska Assessed Value
$289,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Larsen Bay, Alaska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99624 | $35,960 | $52,800 | $65,550 | $86,800 | $105,640 |
Source: Ownwell
Property Tax Bills Across Larsen Bay, Alaska
In Larsen Bay, Kodiak Island, AK, property tax bills are calculated based on the assessed value of a home and the local tax rate. The process begins with the local government assessing the market value of a property. This assessed value is then multiplied by the property tax rate to determine the annual tax bill. For instance, if the assessed value of a home is $65,550, homeowners can expect varying tax bills depending on their specific circumstances. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. Homeowners in Larsen Bay typically see tax bills ranging from $451 at the 25th percentile to $849 at the 75th percentile, with the 90th percentile reaching up to $1,144. The median tax bill in the area is $604, which is relatively lower compared to the national median property tax rate of 0.99%. Understanding these factors is crucial for homeowners as they budget for annual expenses and plan for potential property tax appeals.
Average Larsen Bay Tax Bill
$604
Average Kodiak Island County Tax Bill
$3,451
Average Alaska Tax Bill
$3,874
Average United States Tax Bill
$2,690
Property Tax Bills Across Larsen Bay, Alaska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99624 | $314 | $451 | $604 | $849 | $1,144 |
Source: Ownwell