How the Idaho Property Tax Works!

How the Idaho Property Tax Works!

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Table of Contents

Idaho property taxes are very inexpensive in compared to the rest of the country. The average homeowner in the Gem State spends $1,817 in property taxes each year, over $1,000 less than the national average.

The homeowners’ exemption contributes to the state’s comparatively cheap property taxes. This exempts half of the value of owner-occupied primary residences of property taxes, up to a maximum of $125,000.

How the Idaho Property Tax Works

Idaho property taxes are the main source of funding for Idaho’s municipal services, including schools, parks, roads, and police enforcement. You can pay your taxes with two installments: the first is due on December 20 and the second by June 20.

Taxes are levied on the full market value of property, that is evaluated annually by an assessor in each county. When evaluating market value for a residence, the assessor often consults sales price data for recently sold properties that are similar in size, location, condition, and other distinguishing characteristics.

What are the Idaho Property Tax Rates?

Once the assessed value is calculated, exemptions are applied. The homeowner exemption is Idaho’s greatest exemption. You can claim it on an owner-occupied principal dwelling for 50% of the house’s value plus one acre of land. The exemption is capped at $125,000.

For instance, if you own and live in a residence worth $150,000, the assessed value is $150,000. Your homeowner’s exemption is $75,000 (half the value of the home), so your tax rate is expected to be determined by a total value of $75,000.

Find out more: Publication 530 (2023), Tax Information for Homeowners | Internal Revenue Service

What are the Idaho Property Tax Rates?

Because local governments in Idaho can charge taxes at various levels, tax rates fluctuate across counties, cities, school districts, and other tax districts. Generally, tax rates in cities are greater than in rural areas.

These rates apply to the taxable value, not the market value. The effective tax rate is the median yearly property tax rate expressed as a percentage of the median house value. This is handy for comparing rates between counties and states. The table below displays the effective rate for each county in Idaho, in addition to county-specific median real estate tax payments plus median home values.

County Median Home Value Median Annual Property Tax Payment Average Effective Property Tax Rate
Ada County $298,600 $2,374 0.80%
Adams County $228,500 $1,151 0.50%
Bannock County $167,300 $1,657 0.99%
Bear Lake County $154,500 $911 0.59%
Benewah County $177,500 $1,153 0.65%
Bingham County $168,200 $1,150 0.68%
Blaine County $458,100 $2,226 0.49%
Boise County $234,900 $1,272 0.54%
Bonner County $275,700 $1,361 0.49%
Bonneville County $202,100 $1,659 0.82%
Boundary County $235,000 $1,275 0.54%
Butte County $146,600 $934 0.64%
Camas County $164,900 $826 0.50%
Canyon County $211,600 $1,808 0.85%
Caribou County $151,100 $1,056 0.70%
Cassia County $168,400 $899 0.53%
Clark County $122,900 $583 0.47%
Clearwater County $167,700 $1,221 0.73%
Custer County $216,700 $675 0.31%
Elmore County $164,400 $1,277 0.78%
Franklin County $222,200 $1,280 0.58%
Fremont County $168,400 $1,166 0.69%
Gem County $198,700 $1,222 0.61%
Gooding County $156,500 $854 0.55%
Idaho County $197,200 $853 0.43%
Jefferson County $223,900 $1,360 0.61%
Jerome County $178,300 $1,263 0.71%
Kootenai County $294,100 $1,880 0.64%
Latah County $245,200 $1,915 0.78%
Lemhi County $192,100 $984 0.51%
Lewis County $150,000 $1,006 0.67%
Lincoln County $152,500 $831 0.54%
Madison County $229,800 $1,439 0.63%
Minidoka County $155,600 $924 0.59%
Nez Perce County $205,600 $1,825 0.89%
Oneida County $182,700 $1,033 0.57%
Owyhee County $160,900 $901 0.56%
Payette County $183,600 $1,185 0.65%
Power County $149,100 $1,301 0.87%
Shoshone County $133,000 $1,088 0.82%
Teton County $358,100 $1,677 0.47%
Twin Falls County $182,100 $1,977 1.09%
Valley County $306,900 $1,363 0.44%
Washington County $163,000 $1,205 0.74%

Source: SmartAsset

Ada County

Ada County has a population of about 511,000, making it Idaho’s most populous county. The effective property tax rate is 0.80%.

In urban regions like Boise, the average nominal tax rate equals 1.327%. The rural rate is slightly lower, at 0.893 percent. However, keep in mind that those figures are for Ada County’s net taxable value. If you eligible for the homeowners’ exemption, it may be as little as half of your market value.

Canyon County

Canyon County is located in western Idaho, just west of Boise. The effective property tax rate equals 0.85%. This is calculated using the county’s typical property tax payment of $1,808 and the median home value of $211,600.

Kootenai County

Kootenai County is located in the Idaho panhandle and has an average effective property tax rate of 0.62%. This percentage also compares well to the state and national norms, which are now at 0.64% and 0.99%, respectively. Furthermore, the county’s median home value is $294,100, with a median yearly tax payment of $1,880.

Keep in mind that the effective property tax rate includes any exemptions. This consists of the homeowner’s exemption, that can be as high as $125,000.

However, the homeowner’s exemption is limited to primary residences. So, if you want to buy a second house or a vacation home on Lake Coeur d’Alene, you won’t qualify and will have to pay higher rates.

Bonneville County

Bonneville County contains the city of Idaho Falls and is the most populous county in eastern Idaho. The typical Bonneville County homeowner pays $1,659 annually in property taxes. That’s less than the state average, and over $1,100below the national average.

Bannock County

Bannock County’s median effective property tax rate is 0.99%. At that rate, a $150,000 home would cost $1,485 in property taxes per year. However, the amount will vary substantially between rural regions and cities. Bannock County’s average municipal property tax rate is almost double the rural rate.

Where to Go for Idaho Property Tax Help

If you need further help with Idaho real estate taxes or general Idaho state tax information, visit XOA TAX Live Service. We will match you with a tax specialist who is familiar with your state. Without having to visit an office, you can have your taxes done by a professional tax specialist.

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