Ola, Idaho Property Taxes
The median property tax rate in Ola, Idaho is 0.22%, significantly lower than both the national median of 0.99% and Idaho's state median of 0.50%. With the median home value in Ola at $354,532, the typical annual property tax bill amounts to $825, which is well below the national median of $2,690. Property taxes in Ola are calculated based on the tax assessed value, which is often less than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ola'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 Ola or another part of Gem County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ola, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.22%
Estimate Property Tax Bill
$780
Ownwell’s OLA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in OLA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in OLA 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 Ola, Idaho
Property taxes in Ola, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ola is 0.22%, significantly lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Ola set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ola 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 Ola's effective property tax rate to other counties in Idaho and the national median. Understanding how these cities compare with Ola provides valuable insights into the varying tax landscape across Gem County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ola Tax Rate
0.22%
Average Gem County Tax Rate
0.28%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ola, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83657 | 0.12% | 0.16% | 0.22% | 0.28% | 0.31% |
Source: Ownwell
Property Tax Assessment Values Across Ola, Idaho
In OLA, 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 Gem 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 OLA, 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, properties in the zip code 83657 have the highest median tax bill of $825. 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 OLA helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ola Assessed Value
$354,532
Average Gem County Assessed Value
$389,330
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ola, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83657 | $104,853 | $220,878 | $354,532 | $511,232 | $689,939 |
Source: Ownwell
Property Tax Bills Across Ola, Idaho
In OLA, located in Gem County, ID, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the market value of the property. The tax rate is then applied to this assessed value to determine the annual property tax bill. For homeowners in OLA, the tax bill can vary significantly, with the 25th percentile at $418 and the 75th percentile reaching $1,248. At the 90th percentile, homeowners might pay up to $1,940 annually. These variations are influenced by factors such as property size, location, and any applicable exemptions. The median home price in the area is $354,532, which provides a context for these tax bills. Compared to the national median property tax rate of 0.99%, OLA's property tax rates can be considered moderate, offering a relatively affordable option for homeowners while still funding essential local services.
Average Ola Tax Bill
$825
Average Gem County Tax Bill
$1,205
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Ola, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83657 | $105 | $418 | $825 | $1,248 | $1,940 |
Source: Ownwell