Grace, Idaho Property Taxes
The median property tax rate in Grace, Idaho is 0.72%, which is lower than the national median of 0.99% but higher than the Idaho state median of 0.50%. With the median home value in Grace, the typical annual property tax bill reaches $886, significantly below the national median of $2,690. Property taxes in Grace 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 Grace'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 Grace or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Grace, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$885
Ownwell’s Grace Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grace with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grace 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 Grace, Idaho
Property taxes in Grace, Idaho, are essential in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Grace is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Grace set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grace 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 Grace's effective property tax rate to other areas in Idaho and the national median. For comparison, the 83276 zip code has the highest median property tax rate of 2.64%, while the 83241 zip code has the lowest median tax rate of 0.72%. Understanding how these areas compare with Grace provides valuable insights into the varying tax landscape across Caribou County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grace Tax Rate
0.72%
Average Caribou County Tax Rate
0.73%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grace, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83241 | 0.43% | 0.59% | 0.72% | 0.97% | 1.46% |
| 83276 | 2.64% | 2.64% | 2.64% | 2.64% | 2.64% |
Source: Ownwell
Property Tax Assessment Values Across Grace, Idaho
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Grace, Idaho. 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 Caribou 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 Grace, 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. For instance, the median home price in Grace is $122,966, with annual tax bills ranging from $145 at the 25th percentile to $3,459 at the 90th percentile. The highest and lowest median tax bills are both $886 in the 83241 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Grace Assessed Value
$122,966
Average Caribou County Assessed Value
$58,764
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grace, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83241 | $7,493 | $22,585 | $122,966 | $239,601 | $458,846 |
| 83276 | $1,500 | $1,500 | $1,500 | $1,500 | $1,500 |
Source: Ownwell
Property Tax Bills Across Grace, Idaho
In Grace, located in Caribou County, Idaho, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. This assessed value is typically a percentage of the property's market value. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions. For instance, the median home price in Grace is $122,966, and tax bills can vary significantly. Homeowners in the 25th percentile can expect to pay around $145 annually, while those in the 75th percentile may see bills as high as $1,650. At the 90th percentile, tax bills can reach up to $3,459. Compared to the national median property tax rate of 0.99%, Grace's property tax rates can provide some relief to homeowners, though the actual amount varies widely. Understanding these factors can help homeowners better anticipate their annual tax obligations.
Average Grace Tax Bill
$886
Average Caribou County Tax Bill
$502
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Grace, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83241 | $72 | $147 | $886 | $1,617 | $3,509 |
| 83276 | $40 | $40 | $40 | $40 | $40 |
Source: Ownwell