Swanlake, Idaho Property Taxes
The median property tax rate in SWANLAKE, ID is 0.40%, significantly lower than both the national median of 0.99% and the Idaho state median of 0.50%. With a median home value of $250,922 in SWANLAKE, the typical annual property tax bill is approximately $875, which is well below the national median of $2,690. Property taxes in SWANLAKE are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding SWANLAKE's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of SWANLAKE 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
Swanlake, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$1,004
Ownwell’s Swanlake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Swanlake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Swanlake 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 Swanlake, Idaho
Property taxes in Swanlake, Idaho, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Swanlake is 0.40%, significantly lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Swanlake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Swanlake 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 Swanlake's effective property tax rate to other counties in Idaho and the national median. For comparison, the 83281 zip code has the highest median property tax rate of 0.40%, while the same zip code also has the lowest median tax rate of 0.40%. Understanding how these cities compare with Swanlake 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 Swanlake Tax Rate
0.40%
Average Bannock County Tax Rate
0.67%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Swanlake, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83281 | 0.30% | 0.33% | 0.40% | 0.52% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Swanlake, Idaho
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Swanlake, Idaho. The market value represents the price a willing buyer would pay to a willing seller in an open market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Bannock County Assessor 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 Swanlake, 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. Swanlake’s median home price is $250,922, with tax bills ranging from $601 at the 25th percentile to $2,172 at the 90th percentile. The zip code 83281 has the highest and lowest median tax bill at $875. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Swanlake Assessed Value
$250,922
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 Swanlake, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83281 | $48,301 | $171,524 | $250,922 | $358,551 | $424,433 |
Source: Ownwell
Property Tax Bills Across Swanlake, Idaho
In Swanlake, located in Bannock County, Idaho, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value typically reflects a percentage of the property's market value. Homeowners in Swanlake can expect their property tax bill to vary depending on several factors, including the assessed value of their property and the specific tax rate applied by local authorities. For instance, the median home price in Swanlake is $250,922. Based on this, tax bills can range significantly. At the 25th percentile, homeowners might see a tax bill of around $601, whereas those at the 75th percentile could face a bill of approximately $1,602. At the higher end, the 90th percentile tax bill reaches up to $2,172. These property tax bills play a crucial role in funding local services such as schools, infrastructure, and emergency services, directly impacting the quality of life in the community. Compared to the national median property tax rate of 0.99%, Swanlake's property taxes provide essential support for maintaining and improving local amenities.
Average Swanlake Tax Bill
$875
Average Bannock County Tax Bill
$1,810
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Swanlake, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83281 | $178 | $601 | $875 | $1,602 | $2,172 |
Source: Ownwell