99603 Property Tax Rate

Property owners in ZIP code 99603 (Homer, Alaska) pay a median of $2,462/year in property taxes on homes valued at $345,600. This translates to an effective tax rate of 0.71%, which is 16% below the Alaska state average of 0.84%.

The monthly property tax burden for a median-valued home in 99603 is approximately $205, which factors into escrow payments on mortgages. This ZIP code is located within Kenai Peninsula Borough.

Compared to similar ZIP codes in Alaska, 99603 has higher property taxes. ZIP codes with similar effective rates include 99540 (0.73%) and 99663 (0.69%).

In Homer, property taxes represent approximately 3.2% of the median household income of $76,368, providing context for the relative tax burden on homeowners in this area.

Alaska has no statewide property tax cap; the Kenai Peninsula Borough assesses property locally and may reassess to market value upon purchase. Contact the Kenai Peninsula Borough Assessor immediately after closing to register your property and apply for any applicable senior, veteran, or homestead exemptions under borough code. File your exemption application within 30 days and request a written confirmation to avoid overpayment of taxes.