Lava Hot Springs, Idaho Property Taxes
The median property tax rate in Lava Hot Springs, ID is 0.46%, significantly lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Lava Hot Springs, the typical annual property tax bill amounts to $480, far below the national median of $2,690. Property taxes in Lava Hot Springs are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lava Hot Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lava Hot Springs or another part of Bannock County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lava Hot Springs, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.46%
Estimate Property Tax Bill
$438
Ownwell’s Lava Hot Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lava Hot Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lava Hot Springs to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lava Hot Springs, Idaho
Property taxes in Lava Hot Springs, Idaho, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lava Hot Springs is 0.46%, lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Lava Hot Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lava Hot Springs estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Lava Hot Springs' effective property tax rate to other counties in Idaho and the national median. For comparison, the 83246 zip code has the highest median property tax rate of 0.46%, while the same zip code also has the lowest median tax rate of 0.46%. Understanding how these cities compare with Lava Hot Springs provides valuable insights into the varying tax landscape across Bannock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lava Hot Springs Tax Rate
0.46%
Average Bannock County Tax Rate
0.67%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lava Hot Springs, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83246 | 0.19% | 0.33% | 0.46% | 0.57% | 0.66% |
Source: Ownwell
Property Tax Assessment Values Across Lava Hot Springs, Idaho
In Lava Hot Springs, Idaho, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Bannock County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Lava Hot Springs, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Lava Hot Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Lava Hot Springs are both $480.00, found in zip code 83246.
Average Lava Hot Springs Assessed Value
$95,274
Average Bannock County Assessed Value
$263,380
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lava Hot Springs, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83246 | $46,000 | $70,360 | $95,274 | $302,920 | $447,277 |
Source: Ownwell
Property Tax Bills Across Lava Hot Springs, Idaho
In Lava Hot Springs, Bannock County, ID, property tax bills are calculated based on the assessed value of a home, not its market value. Assessors evaluate properties to determine this assessed value, which is then used to calculate the property tax bill. The median home price in Lava Hot Springs is $95,274, and the property tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. Homeowners in Lava Hot Springs can expect tax bills to vary significantly. For example, the 25th percentile tax bill is $222, while the 75th percentile reaches $1,423, and the 90th percentile can go as high as $2,250. The highest median tax bill within the area is $480 in the 83246 zip code, which is relatively low compared to the national median property tax rate of 0.99%. These tax bills directly impact homeowners' annual expenses, influencing their overall cost of living and financial planning.
Average Lava Hot Springs Tax Bill
$480
Average Bannock County Tax Bill
$1,810
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Lava Hot Springs, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83246 | $135 | $222 | $480 | $1,423 | $2,250 |
Source: Ownwell