Skagway, Alaska Property Taxes
The median property tax rate in Skagway, AK is 0.47%, significantly lower than both the national median of 0.99% and the Alaska state median of 1.37%. With the median home value in Skagway at $481,300, the typical annual property tax bill amounts to $2,197, which is below the national median of $2,690. Property taxes in Skagway are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Skagway'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 Skagway 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
Skagway, Alaska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$2,262
$2,099
Ownwell’s Skagway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Skagway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Skagway 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 Skagway, Alaska
Property taxes in Skagway, Alaska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Skagway is 0.47%, which is lower than the U.S. national median of 0.99%. Local government entities within Skagway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Skagway 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 Skagway's effective property tax rate to other counties in Alaska and the national median. For comparison, the 99840 zip code has the highest median property tax rate of 0.47%, while the same zip code also has the lowest median tax rate of 0.47%. Understanding how these cities compare with Skagway provides valuable insights into the varying tax landscape across Skagway, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Skagway Tax Rate
0.47%
Average Skagway County Tax Rate
0.50%
Average Alaska Tax Rate
1.37%
Average United States Tax Rate
0.99%
Property Tax Rates Across Skagway, Alaska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99840 | 0.43% | 0.43% | 0.47% | 0.51% | 0.51% |
Source: Ownwell
Property Tax Assessment Values Across Skagway, Alaska
In Skagway, 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 local 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 Skagway, 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 Skagway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Skagway are both $2,197, found in the 99840 zip code.
Average Skagway Assessed Value
$481,300
Average Skagway County Assessed Value
$280,550
Average Alaska Assessed Value
$289,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Skagway, Alaska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99840 | $306,590 | $331,925 | $481,300 | $861,475 | $1,302,250 |
Source: Ownwell
Property Tax Bills Across Skagway, Alaska
In Skagway, AK, property tax bills are calculated based on the assessed value of a property, which reflects its market value. The city's tax rate is applied to this assessed value to determine the annual tax bill. Homeowners in Skagway can expect varying tax bills depending on the value of their property. For example, the median home price in Skagway is $481,300, and property tax bills range significantly across different percentiles. At the 25th percentile, the tax bill is approximately $1,676, while at the 75th percentile, it rises to around $3,701. The 90th percentile sees tax bills as high as $5,580. For homeowners, this means that higher property values lead to higher tax bills. Notably, the highest and lowest median tax bills in Skagway are both $2,197, which aligns with the zip code 99840. Comparatively, the national median property tax rate stands at 0.99%, making it essential for homeowners in Skagway to understand how their local rates and property values influence their tax obligations.
Average Skagway Tax Bill
$2,197
Average Skagway County Tax Bill
$1,417
Average Alaska Tax Bill
$3,874
Average United States Tax Bill
$2,690
Property Tax Bills Across Skagway, Alaska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99840 | $1,569 | $1,676 | $2,197 | $3,701 | $5,580 |
Source: Ownwell