Overview of Idaho Taxes
Taxes on real estate in Idaho are relatively low in comparison with the rest of the country. The typical homeowner in the Gem State pays $1,616 annually in property taxes, around $1,000 less than the national average.
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To calculate the exact amount of property tax you will owe requires your property's assessed value and the property tax rates based on your property's address. Please note that we can only estimate your property tax based on median property taxes in your area. There are typically multiple rates in a given area, because your state, county, local schools and emergency responders each receive funding partly through these taxes. In our calculator, we take your home value and multiply that by your county's effective property tax rate. This is equal to the median property tax paid as a percentage of the median home value in your county.
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Jennifer Mansfield, CPA, JD/LLM-Tax, is a Certified Public Accountant with more than 30 years of experience providing tax advice. SmartAsset’s tax expert has a degree in Accounting and Business/Management from the University of Wyoming, as well as both a Masters in Tax Laws and a Juris Doctorate from Georgetown University Law Center. Jennifer has mostly worked in public accounting firms, including Ernst & Young and Deloitte. She is passionate about helping provide people and businesses with valuable accounting and tax advice to allow them to prosper financially. Jennifer lives in Arizona and was recently named to the Greater Tucson Leadership Program.
Idaho Property Taxes
Taxes on real estate in Idaho are relatively low in comparison with the rest of the country. The typical homeowner in the Gem State pays $1,616 annually in property taxes, almost $1,000 less than the national average.
One reason for the state’s relatively low property taxes is the homeowners exemption. This exempts half the value of owner-occupied primary residences from property taxes, up to a limit of $100,000.
A financial advisor in Idaho can help you understand how homeownership fits into your overall financial goals. Financial advisors can also help with investing and financial plans, including taxes, homeownership, retirement and more, to make sure you are preparing for the future.
How Idaho Property Taxes Work
Property taxes in Idaho are the primary source of funding for local services such as schools, parks, roads and law enforcement. You can pay taxes in two installments: The first is due on Dec. 20, and the second must be paid by June 20.
Taxes are based on the full market value of property, which is determined each year by an assessor in each county. In determining market value for a home, the assessor typically uses sales price data for recently sold homes that are comparable in terms of size, location, condition and other distinctive features.
Once assessed value has been determined, exemptions are applied. The largest exemption in Idaho is the homeowners exemption. You can be claim it on an owner-occupied primary residence, and it’s equal to 50% of the value of the house and one acre of land. The exemption is capped at $100,000.
For example, if you own and live in a home with a market value of $150,000, your assessed value is $150,000. Your homeowners exemption would be $75,000 (half the value of the home), which means your tax rate will be applied to a total value of $75,000.
If you’re looking to refinance your home or relocate to the Gem State, take a look at our Idaho mortgage guide to learn all about the essentials, like mortgage rates and getting a mortgage in Idaho.
Idaho Property Tax Rates
Since local governments in Idaho can levy taxes at a number of different levels, tax rates vary between counties, cities, school districts and other tax districts. Generally, tax rates within cities are higher than those in rural areas.
Such rates apply to taxable value, not market value. The effective tax rate is the median annual property tax rate as a percentage of median home value. This is useful for comparing rates between counties and with other states. The table below shows the effective rate for every county in Idaho, as well as county-specific median real estate tax payments and median home values.
|County||Median Home Value||Median Annual Property Tax Payment||Average Effective Property Tax Rate|
|Bear Lake County||$147,600||$845||0.57%|
|Nez Perce County||$181,200||$1,680||0.93%|
|Twin Falls County||$160,200||$1,280||0.80%|
Looking to calculate your potential monthly mortgage payment? Check out our mortgage calculator.
With a population of more than 445,000, Ada County is the most populous county in Idaho. The effective property tax rate here is 0.73%.
In urban areas, such as the city of Boise, the average nominal tax rate is, on average, 1.327%. The rural rate is somewhat lower at 0.893%. Keep in mind, however, that those numbers apply to net taxable value in Ada County. If you qualify for the homeowners exemption, that could be as low as half of your market value.
If you have questions about how property taxes can affect your overall financial plans, a financial advisor in Boise can help you out.
Canyon County is in western Idaho, directly west of the city of Boise. Its effective property tax rate is 0.86%. This is the product of the county's $1,373 median property tax payment and $159,600 median home value.
Located in the Idaho panhandle, Kootenai County has a 0.62% average effective property tax rate. This rate also compares favorably to state and national averages, which currently stand at 0.63% and 1.07%, respectively. Additionally, the county has a median home value of $237,400 and a median annual tax payment of $1,464.
Keep in mind, however, that the effective property tax rate incorporates all exemptions. This most notably includes the homeowners exemption, which can reach as high as $100,000.
The homeowners exemption only applies to primary residences, though. So if you're looking to buy a second home or a vacation home on Lake Coeur d’Alene, you will not qualify and can therefore expect to pay higher rates.
Bonneville County contains the city of Idaho Falls and is the most populous county in eastern Idaho. The typical Bonneville County homeowner pays $1,288 annually in property taxes. That's less than the state average, and about $1,300 below the national average.
The average effective property tax rate in Bannock County is 0.92%. At that rate, a homeowner with a home worth $150,000 would pay $1,380 annually in property taxes. That amount will vary greatly between rural areas and cities, however. The average urban property tax rate in Bannock County is roughly double the average rural rate.
Twin Falls County
Twin Falls County is in southern Idaho, along the Nevada border. The county’s average effective tax rate is 0.80%, above the state average. The median home value in the county is $160,200, and the median real estate tax payment is $1,280 per year, which is a bit cheaper than the state median.
The median annual real estate tax payment in Bingham County is just $1,062. The average effective tax rate in the county is 0.70%, but in certain urban areas, such as the city of Blackfoot, the average is somewhat higher. Those rates apply to net taxable value, however, which is assessed value minus any applicable exemptions.
Bonner County has one of the lowest effective tax rates in the state of Idaho at just 0.56%. At that rate, a homeowner who has a home worth $233,900 (the median home value in the county) would pay about $1,306 per year in property taxes.
Nez Perce County
Nez Perce County is in eastern Idaho, along the state's border with Washington. The county’s average effective property tax rate is 0.93%, which ranks as one of the highest in the state of Idaho. The median property tax payment comes in at $1,680 per year.
Latah County lies directly north of Nez Perce County, but has property taxes that are somewhat lower than its neighbor. The county’s average effective tax rate is 0.83%, with a median property tax payment of $1,783.