Nome County, Alaska Property Taxes
The median property tax rate in Nome County is 1.05%, which is slightly higher than the national median of 0.99% but lower than Alaska's state median of 1.37%. With a median home value of $295,200, the typical annual property tax bill in Nome County is $2,883, surpassing the national median of $2,690. Property taxes in Nome County are calculated based on the tax assessed value, which is often lower than the actual market value due to various property tax exemptions such as primary residence and agricultural exemptions. Understanding Nome County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Nome or another part of Nome County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Nome County, Alaska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$3,100
$2,876
Ownwell’s Nome Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Nome with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Nome to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Nome County, Alaska
Property taxes in Nome play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Nome is 1.05%, which is higher than the U.S. national median of 0.99%. Local government entities within Nome set these rates annually, and they can vary significantly between different areas within the county. Each year, Nome estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Nome's effective property tax rate with the national median. For comparison, the city of Nome has one of the higher property tax rates in the state at 1.05%. Analyzing how Nome's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Nome County Tax Rate
1.05%
Average Alaska Tax Rate
1.37%
Average United States Tax Rate
0.99%
Property Tax Assessment Values Across Nome County, Alaska
In Nome County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Nome County Appraisal District. The assessed value, however, 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. Assessment notices in Nome County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Nome boasts the highest and lowest median tax bills, both at $2,883, which is significantly above the national median property tax rate of 0.99%. Being aware of these valuation processes in Nome County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Nome County Assessed Value
$295,200
Average Alaska Assessed Value
$289,400
Average United States Assessed Value
$244,900
Property Tax Bills Across Nome County, Alaska
In Nome County, AK, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by the local assessor's office, which evaluates your property's market value and applies a specific assessment ratio. Once the assessed value is established, the local tax rate is applied to this value to calculate the annual property tax bill. For homeowners in Nome, the median home price is $295,200, and tax bills can vary significantly. For instance, the 25th percentile tax bill is $1,358, while the 75th percentile reaches $4,580, and the 90th percentile is $5,418. This variation is influenced by property values and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Nome County homeowners may experience different financial impacts based on their property's assessed value. Understanding these factors helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Nome County Tax Bill
$2,883
Average Alaska Tax Bill
$3,874
Average United States Tax Bill
$2,690