Albion, Idaho Property Taxes
The median property tax rate in Albion, Idaho is 0.28%, significantly lower than both the national median of 0.99% and Idaho's state median of 0.50%. With the median home value in Albion at $246,369, the typical annual property tax bill amounts to $679, which is well below the national median of $2,690. Property taxes in Albion are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Albion'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 Albion 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
Albion, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.28%
Estimate Property Tax Bill
$690
Ownwell’s Albion Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Albion with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Albion 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 Albion, Idaho
Property taxes in Albion, Idaho, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Albion is 0.28%, which is significantly lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Albion set these rates annually, and they can vary significantly across different neighborhoods. Each year, Albion 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 Albion'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 found in zip code 83702, with a rate of 0.83%, while the lowest median tax rate is in zip code 83278, at just 0.25%. Understanding how these cities compare with Albion provides valuable insights into the varying tax landscape across Cassia County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Albion Tax Rate
0.28%
Average Cassia County Tax Rate
0.38%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Albion, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83311 | 0.22% | 0.25% | 0.28% | 0.42% | 0.57% |
Source: Ownwell
Property Tax Assessment Values Across Albion, Idaho
In Albion, 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 Cassia 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 Albion, 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 Albion helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 83311 in Albion has a median tax bill of $679, which is notably higher than the national median property tax rate of 0.99%. Understanding these figures can help homeowners make informed decisions about their property taxes.
Average Albion Assessed Value
$246,369
Average Cassia County Assessed Value
$232,517
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Albion, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83311 | $45,685 | $125,926 | $246,369 | $376,623 | $531,433 |
Source: Ownwell
Property Tax Bills Across Albion, Idaho
In Albion, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is determined by the Cassia County Assessor's Office and is a percentage of the market value of the property. Several factors influence this assessment, including property size, location, and improvements made to the property. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. For Albion residents, the property tax landscape reveals significant variations. The 25th percentile tax bill is $342, while the 75th percentile reaches $1,106, and the 90th percentile climbs to $1,716. The median home price in Albion stands at $246,369, influencing these tax bills. Compared to the national median property tax rate of 0.99%, Albion’s property tax rate impacts homeowners differently based on their property’s assessed value. Homeowners in Albion can expect their tax bills to vary widely, affecting their annual financial planning and overall housing costs.
Average Albion Tax Bill
$679
Average Cassia County Tax Bill
$844
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Albion, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83311 | $116 | $342 | $679 | $1,106 | $1,716 |
Source: Ownwell