Cordova, Alaska Property Taxes
The median property tax rate in Cordova, AK is 1.15%, which is higher than both the national median of 0.99% and the Alaska state median of 1.37%. With the median home value in Cordova at $295,100, the typical annual property tax bill reaches $3,167, exceeding the national median of $2,690. Property taxes in Cordova are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence exemption. Understanding Cordova'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 Cordova 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
Cordova, Alaska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.15%
Estimate Property Tax Bill
$3,394
Ownwell’s Cordova Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cordova with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cordova 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 Cordova, Alaska
Property taxes in Cordova, Alaska, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Cordova is 1.15%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Cordova set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cordova 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 Cordova's effective property tax rate to other areas in Alaska and the national median. For comparison, the zip code 99574 has the highest median property tax rate of 1.15%, while the same zip code also has the lowest median tax rate of 1.15%. Understanding how these areas compare with Cordova provides valuable insights into the varying tax landscape across Valdez-Cordova, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cordova Tax Rate
1.15%
Average Valdez-cordova County Tax Rate
1.15%
Average Alaska Tax Rate
1.37%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cordova, Alaska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99574 | 0.73% | 1.15% | 1.15% | 1.15% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Cordova, Alaska
In Cordova, 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. Assessment notices in Cordova 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 Cordova helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $3167, found in the 99574 zip code.
Average Cordova Assessed Value
$295,100
Average Valdez-cordova County Assessed Value
$157,850
Average Alaska Assessed Value
$289,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cordova, Alaska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99574 | $176,840 | $231,700 | $295,100 | $355,000 | $415,480 |
Source: Ownwell
Property Tax Bills Across Cordova, Alaska
In Cordova, located in Valdez-Cordova County, AK, property tax bills are calculated based on the assessed value of a property. Homeowners can expect their tax bills to be influenced by several factors, including the property's assessed value, the local tax rate, and any applicable exemptions. The median home price in Cordova is $295,100, which serves as a baseline for calculating property taxes. The tax rate in Cordova is applied to the assessed value to determine the annual tax bill. For example, homeowners in the 25th percentile can expect a tax bill of around $2,218, while those in the 75th percentile may see bills as high as $4,083. At the 90th percentile, tax bills can reach up to $4,790. The highest and lowest median tax bills in the area are both $3,167, indicating a consistent tax rate across different properties. Compared to the national median property tax rate of 0.99%, Cordova's tax rates can have a significant impact on homeowners, influencing their financial planning and homeownership costs.
Average Cordova Tax Bill
$3,167
Average Valdez-cordova County Tax Bill
$1,838
Average Alaska Tax Bill
$3,874
Average United States Tax Bill
$2,690
Property Tax Bills Across Cordova, Alaska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 99574 | $1,619 | $2,218 | $3,167 | $4,083 | $4,790 |
Source: Ownwell