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 $1,088 annually in property taxes, more than $1,000 under 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.
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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 $1,322 annually in property taxes, almost $800 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 in 2019.
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. The statewide average urban tax rate is 1.438%, while the rural rate is 0.951%.
Those 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|
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With a population of more than 435,000, Ada County is the most populous county in Idaho. The effective property tax rate here is 0.75%, which ranks as the 12th highest rate in the state.
In urban areas, such as the city of Boise, the average nominal tax rate is, on average, 1.35%. The rural rate is somewhat lower at 1.123%. 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. It has the 4th highest average effective property tax rate in Idaho at 0.90%. This is the product of the county's 9th ranked $1,302 median property tax payment and 15th lowest $144,000 median home value.
Located in the Idaho panhandle, Kootenai County has a 0.66% average effective property tax rate, which is lower than the rates in 22 other Idaho counties. This rate also compares favorably to state and national averages, which currently stand at 0.75% and 1.08%, respectively. Additionally, the county has a median home value of $212,900 and a median annual tax payment of $1,396.
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 in 2019.
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 $1,223 annually in property taxes. That's $100 less than the state average, and a sizable $860 below the national average.
The average effective property tax rate in Bannock County is 0.91%. That's the 3rd highest percentage in the state. At that rate, a homeowner with a home worth $150,000 would pay $1,365 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 0.81%, slightly above the state average. The median home value in the county is $154,200, and the median real estate tax payment is $1,242 per year, which is a bit cheaper than the state median.
The median annual real estate tax payment in Bingham County is just $1,013, which is more than $300 under the state mark. The average effective tax rate in the county is 0.69%, but in certain urban areas, such as the city of Blackfoot, the average is somewhat higher at 2.238%. Those rates apply to net taxable value, however, which is assessed value minus any applicable exemptions.
Bonner County has the 9th lowest effective tax rate in the state of Idaho at just 0.57%. At that rate, a homeowner who has a home worth $222,700 (the median home value in the county) would pay about $1,268 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 0.92%, which ranks as the 2nd highest in the state of Idaho. The median property tax payment ranks fourth in the state at $1,590 per year.
The 10th most populous county in Idaho, 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 0.84%, with a median property tax payment of $1,740.
Places Receiving the Most Value for Their Property Taxes
SmartAsset’s interactive map highlights the places across the country where property tax dollars are being spent most effectively. Zoom between states and the national map to see the counties getting the biggest bang for their property tax buck.
Our study aims to find the places in the United States where people are getting the most value for their property tax dollars. To do this, we looked at property taxes paid, school rankings and the change in property values over a five-year period.
First, we used the number of households, median home value and average property tax rate to calculate a per capita property tax collected for each county.
As a way to measure the quality of schools, we analyzed the math and reading/language arts proficiencies for every school district in the country. We created an average score for each district by looking at the scores for every school in that district, weighting it to account for the number of students in each school. Within each state, we assigned every county a score between 1 and 10 (with 10 being the best) based on the average scores of the districts in each county.
Then, we calculated the change in property tax value in each county over a five-year period. Places where property values rose by the greatest amount indicated where consumers were motivated to buy homes, and a positive return on investment for homeowners in the community.
Finally, we calculated a property tax index, based on the criteria above. Counties with the highest scores were those where property tax dollars are going the furthest.