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 $1,233 annually in property taxes, about $900 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 Tax
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 $1,233 annually in property taxes, about $900 less than the national average. One reason for the state’s relatively low property taxes is the homeowner’s exemption, which exempts half the value of owner-occupied primary residences from property tax up to a limit of $89,580. Read on to learn more about this exemption, other Idaho property tax rules and Idaho property tax rates.
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. Taxes can be paid in two installments, the first due on December 20th and the second due on June 20th.
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 features.
Once assessed value has been determined, exemptions are applied. The largest exemption in Idaho is the homeowner’s exemption. It can be claimed on owner-occupied primary residences and is equal to 50% of the value of the house and one acre of land. The exemption is capped at $89,580 for the year 2015.
For example, if you own and live in a home with a market value of $150,000 your assessed value is $150,000. Your homeowner’s exemption would be $75,000 (half the value of the home), which means your tax rate will be applied to a total taxable value of $75,000.
If you’re looking to refinance your home or relocate to the Gem State, take a look at our mortgage guide to learn all about the essentials regarding mortgage rates and getting a mortgage in Idaho.
Idaho Property Tax Rates
Since local governments at a number of different levels can levy taxes in Idaho, 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 1.582% while the rural rate is 1.032%.
Those rates apply to taxable value and not market value. The effective tax rate is the median annual property tax rate as a percentage of median home value. It is useful for comparing rates between counties and with other states. The table below shows both the nominal and effective rate for every county in Idaho, as well as the median real estate tax payment.
|County||Median Home Value||Median Annual Property Tax Payment||Average Effective Property Tax Rate|
With a population of over 400,000, Ada County is the most populous in Idaho. The effective property tax rate in the county is slightly less than 0.80%, which ranks as the 7th highest rate of any Idaho County.
In urban areas, such as the city of Boise, the average nominal tax rate is 1.547% on average. The rural rate is somewhat lower at 1.263%. Keep in mind, however, that those numbers apply to net taxable value in Ada County. If you qualify for the homeowner’s exemption that could be as low as half of your market value.
Canyon County is in western Idaho, directly west of the city of Boise. It has the highest average effective property tax rate in Idaho at 1.02%. However, since Canyon County has the 7th lowest median home value ($122,800), the median property tax payment is just $1,247 per year. That is roughly equal to the state average.
Located in the Idaho panhandle, Kootenai County has property tax rates well below the state average. The average effective property tax rate in Kootenai County is just 0.66%. Keep in mind, however, that the effective rate incorporates all exemptions, including the homeowner’s exemption. If you are looking to buy a second home or vacation home on Lake Coeur d’Alene, you will not qualify for the exemption and can expect to pay higher rates. Without exemptions the most recent average rate for the county is 1.212%.
Bonneville County contains the city of Idaho Falls and is the most populous county in eastern Idaho. The typical Bonneville County homeowner pays $1,221 annually in property taxes. That is lower than both the state and national averages.
The average effective property tax rate in Bannock County is 0.93%. That is the third lowest rate in the state. At that rate, a homeowner with a home worth $150,000 would pay $1,395 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 0.76%, almost exactly equal to the state average. However, because the median home value in the county is lower than the state median home value, the median real estate tax payment is also lower. It is $1,137 per year.
The median annual real estate tax payment in Bingham County is just $977, about $250 less than the state average. The average total tax rate in the county is 1.458%. In urban areas, such as the city ofBlackfoot, the average is somewhat higher at 1.970%. Those rates apply to net taxable value, however, which is assessed value minus any applicable exemptions.
Bonner County has the 4th lowest effective tax rate in the state of Idaho at just 0.50%. That is less than half the national average. At that rate, a homeowner who has a home worth $220,000 would pay about $1,100 per year in property taxes.
Nez Perce County
Nez Perce County is in eastern Idaho, along the border with Washington State. The county’s average effective property tax rate is 0.90%, which ranks as the 4th highest in the state of Idaho. The median property tax payment ranks 2nd in the state at $1,502 per year.
The 10th most populous county in Idaho, Latah County lies directly north of Nez Perce County and has property taxes somewhat lower than its neighbor. The county’s average effective tax rate is 0.77%. The median property tax payment in Latah County is $1,459.
Property Tax: Which Counties are Getting the Best Bang for Their Buck
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 for their property tax dollars. To do this we looked at school rankings, crime rates and property taxes for every county.
As a way to measure the quality of schools, we calculated the average math and reading/language arts proficiencies for all the school districts in the country. Within each state, these schools were then ranked between 1 and 10 (with 10 being the best) based on those average scores.
For each county, we calculated the violent and property crimes per 100,000 residents.
Using the school and crime numbers, we calculated a community score. This is the ratio of the school rank to the combined crime rate per 100,000 residents.
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.
Finally, we calculated a tax value by creating a ratio of the community score to the per capita property tax paid. This shows us the counties in the country where people are getting the most bang for their buck, or where their property tax dollars are going the furthest.
Sources: US Census Bureau 2016 American Community Survey, Department of Education, Federal Bureau of Investigation, State Police or Justice Department websites