Point Hope, Alaska Property Taxes
The median property tax rate in Point Hope, AK is 0.70%, significantly lower than both the national median of 0.99% and the Alaska state median of 1.37%. With the median home value in Point Hope at $95,800, the typical annual property tax bill reaches $903, well below the national median of $2,690. Property taxes in Point Hope are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Point Hope'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 Point Hope or another part of North Slope, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Point Hope, Alaska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$671
$622
Ownwell’s Point Hope Property Tax Bill Calculator assists any homeowner, real estate investor, or potential owner in estimating their annual property taxes in Point Hope with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Point 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 Point Hope, Alaska
Property taxes in Point 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 Point Hope is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Point Hope set these rates annually, and they can vary significantly across different neighborhoods. Each year, Point 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 Point Hope's effective property tax rate to other regions in Alaska and the national median. For comparison, the 99766 zip code has both the highest and lowest median property tax rate of 0.70%. Understanding how these cities compare with Point Hope provides valuable insights into the varying tax landscape across North Slope, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Point Hope Tax Rate
0.70%
Average North Slope County Tax Rate
1.80%
Average Alaska Tax Rate
1.37%
Average United States Tax Rate
0.99%
Property Tax Rates Across Point Hope, Alaska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99766 | 0.41% | 0.66% | 0.70% | 0.98% | 1.80% |
Source: Ownwell
Property Tax Assessment Values Across Point Hope, Alaska
In Point 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 North Slope 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 Point 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 Point Hope helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $903.00, found in the zip code 99766.
Average Point Hope Assessed Value
$95,800
Average North Slope County Assessed Value
$130,000
Average Alaska Assessed Value
$289,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Point Hope, Alaska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99766 | $52,740 | $80,150 | $95,800 | $118,500 | $136,000 |
Source: Ownwell
Property Tax Bills Across Point Hope, Alaska
In Point Hope, North Slope County, AK, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local tax assessor, who evaluates the market value of a property. In this region, the median home price is $95,800. Homeowners can expect property tax bills to vary significantly, with the 25th percentile at $780 and the 75th percentile reaching $1,540. The highest tax bills, at the 90th percentile, can go up to $2,105. These tax bills are influenced by several factors, including property size, location, and market conditions. The local tax rate is applied to the assessed value to determine the final tax bill. For homeowners, these taxes fund essential public services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, the tax burden in Point Hope may vary, providing both challenges and advantages depending on individual property assessments and local tax policies.
Average Point Hope Tax Bill
$903
Average North Slope County Tax Bill
$2,211
Average Alaska Tax Bill
$3,874
Average United States Tax Bill
$2,690
Property Tax Bills Across Point Hope, Alaska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99766 | $402 | $780 | $903 | $1,540 | $2,105 |
Source: Ownwell