Sweet, Idaho Property Taxes
The median property tax rate in Sweet, Idaho is 0.23%, significantly lower than both the national median of 0.99% and Idaho's state median of 0.50%. With a median home value of $427,679 in Sweet, the typical annual property tax bill amounts to $999, well below the national median of $2,690. Property taxes in Sweet are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Sweet'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 Sweet 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
Sweet, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.23%
Estimate Property Tax Bill
$984
Ownwell’s SWEET Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SWEET with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SWEET 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 Sweet, Idaho
Property taxes in SWEET, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in SWEET is 0.23%, significantly lower than both the Idaho state median of 0.69% and the U.S. national median of 0.99%. Local government entities within SWEET set these rates annually, and they can vary significantly across different neighborhoods. Each year, SWEET 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 SWEET's effective property tax rate to other counties in Idaho and the national median. For comparison, ZIP code 83617 has the highest median property tax rate of 0.69%, while ZIP code 83670 has the lowest median tax rate of 0.23%. Understanding how these cities compare with SWEET 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 Sweet Tax Rate
0.23%
Average Gem County Tax Rate
0.28%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sweet, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83670 | 0.11% | 0.19% | 0.23% | 0.27% | 0.30% |
Source: Ownwell
Property Tax Assessment Values Across Sweet, Idaho
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in SWEET, 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 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. 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 SWEET helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in SWEET are both $999.00, found in the zip code 83670.
Average Sweet Assessed Value
$427,679
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 Sweet, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83670 | $93,999 | $256,001 | $427,679 | $618,000 | $765,972 |
Source: Ownwell
Property Tax Bills Across Sweet, Idaho
In Sweet, 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 then multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $427,679, homeowners can expect their property tax bill to vary significantly. At the 25th percentile, the tax bill is around $488, while at the 75th percentile, it climbs to about $1,502. Those at the 90th percentile could see bills as high as $1,995. These figures highlight the variability in property tax bills, which can significantly impact homeowners' finances. The local tax rates in Sweet are relatively competitive when compared to the national median property tax rate of 0.99%, making it a potentially attractive location for homeowners seeking manageable property tax obligations.
Average Sweet Tax Bill
$999
Average Gem County Tax Bill
$1,205
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Sweet, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83670 | $112 | $488 | $999 | $1,502 | $1,995 |
Source: Ownwell