Palmer, Alaska Property Taxes
The median property tax rate in Palmer, AK is 1.10%, 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 $304,450 in Palmer, the typical annual property tax bill amounts to $3,108, surpassing the national median of $2,690. Property taxes in Palmer are calculated based on the assessed value, which is often below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Palmer'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 Palmer 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
Palmer, Alaska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$3,349
$3,108
Ownwell’s Palmer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Palmer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Palmer 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 Palmer, Alaska
Property taxes in Palmer, Alaska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palmer is 1.10%, higher than both the Alaska state median and the U.S. national median of 0.99%. Local government entities within Palmer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palmer 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 Palmer's effective property tax rate to other areas in Alaska and the national median. For comparison, the 99645 zip code has both the highest and lowest median property tax rate of 1.10%. Understanding how these areas compare with Palmer provides valuable insights into the varying tax landscape across Matanuska-Susitna, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Palmer Tax Rate
1.10%
Average Matanuska-susitna County Tax Rate
1.21%
Average Alaska Tax Rate
1.37%
Average United States Tax Rate
0.99%
Property Tax Rates Across Palmer, Alaska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99645 | 0.40% | 0.88% | 1.10% | 1.20% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Palmer, Alaska
In Palmer, 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 Matanuska-Susitna 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 Palmer, 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 Palmer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 99645, with a median tax bill of $3108.00, while the zip code with the lowest median tax bill is also 99645, with a median tax bill of $3108.00.
Average Palmer Assessed Value
$304,450
Average Matanuska-susitna County Assessed Value
$277,600
Average Alaska Assessed Value
$289,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Palmer, Alaska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99645 | $56,500 | $190,200 | $304,450 | $407,750 | $527,130 |
Source: Ownwell
Property Tax Bills Across Palmer, Alaska
In Palmer, property tax bills are calculated based on the assessed value of your home and the local tax rate set by Matanuska-Susitna County. The assessed value is determined by the county assessor, who evaluates your property's market value. This assessed value is then multiplied by the local tax rate to calculate your annual property tax bill. For instance, with a median home price of $304,450, homeowners can expect their tax bills to vary significantly. Factors such as the property's location, size, and condition play a crucial role in determining its assessed value. Homeowners in Palmer experience a wide range of property tax bills, with the 25th percentile paying around $1,331 and the 75th percentile facing bills up to $4,508. At the 90th percentile, tax bills can reach as high as $5,961. Despite these variations, the highest and lowest median tax bills both stand at $3,108 in the 99645 zip code. These tax obligations significantly impact homeowners, influencing their financial planning and housing affordability.
Average Palmer Tax Bill
$3,108
Average Matanuska-susitna County Tax Bill
$2,908
Average Alaska Tax Bill
$3,874
Average United States Tax Bill
$2,690
Property Tax Bills Across Palmer, Alaska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99645 | $441 | $1,331 | $3,108 | $4,508 | $5,961 |
Source: Ownwell