Cocolalla, Idaho Property Taxes
The median property tax rate in Cocolalla, Idaho is 0.34%, considerably lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Cocolalla, the typical annual property tax bill reaches $1,647, which is significantly below the national median of $2,690. Property taxes in Cocolalla are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cocolalla's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Cocolalla or another part of Bonner County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cocolalla, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.34%
Estimate Property Tax Bill
$1,615
Ownwell’s Cocolalla Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cocolalla with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cocolalla 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 Cocolalla, Idaho
Property taxes in Cocolalla, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cocolalla is 0.34%, significantly lower than both the Idaho state median of 0.69% and the U.S. national median of 0.99%. Local government entities within Cocolalla set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cocolalla 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 Cocolalla's effective property tax rate to other counties in Idaho and the national median. For comparison, the highest median property tax rate in Idaho is 1.08%, while the lowest median tax rate is 0.34%. Understanding how these cities compare with Cocolalla provides valuable insights into the varying tax landscape across Bonner County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cocolalla Tax Rate
0.34%
Average Bonner County Tax Rate
0.34%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cocolalla, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83813 | 0.29% | 0.31% | 0.34% | 0.44% | 0.49% |
Source: Ownwell
Property Tax Assessment Values Across Cocolalla, Idaho
In Cocolalla, 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 Bonner 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 Cocolalla, 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 Cocolalla helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,647 in the 83813 zip code, which is also the lowest median tax bill, highlighting a uniformity in tax burdens within this region.
Average Cocolalla Assessed Value
$474,994
Average Bonner County Assessed Value
$479,353
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cocolalla, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83813 | $191,527 | $325,739 | $474,994 | $664,392 | $846,771 |
Source: Ownwell
Property Tax Bills Across Cocolalla, Idaho
In Cocolalla, Bonner County, ID, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value typically reflects a percentage of the home's market value. Once the assessed value is established, local tax rates are applied to calculate the property tax bill. Several factors influence the final tax amount, including the property's location, size, and any applicable exemptions or deductions. Homeowners in Cocolalla can expect varying tax bills, with the 25th percentile paying around $1,068 and the 75th percentile paying approximately $2,497. For those in the 90th percentile, the tax bill can rise to about $3,459. The median home price in the area is $474,994, and the median property tax bill stands at $1,647, which is lower than the national median property tax rate of 0.99%. This relatively lower tax rate can make homeownership more affordable, but it's essential for homeowners to stay informed about their property's assessed value and any potential changes in local tax rates.
Average Cocolalla Tax Bill
$1,647
Average Bonner County Tax Bill
$1,672
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Cocolalla, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83813 | $546 | $1,068 | $1,647 | $2,497 | $3,459 |
Source: Ownwell