Gibbonsville, Idaho Property Taxes
The median property tax rate in Gibbonsville, ID is 0.38%, significantly lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Gibbonsville, the typical annual property tax bill reaches $721, far below the national median of $2,690. Property taxes in Gibbonsville 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 Gibbonsville'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 Gibbonsville or another part of Lemhi County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gibbonsville, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.38%
Estimate Property Tax Bill
$838
Ownwell’s Gibbonsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gibbonsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gibbonsville 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 Gibbonsville, Idaho
Property taxes in Gibbonsville, Idaho, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Gibbonsville is 0.38%, significantly lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Gibbonsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gibbonsville 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 Gibbonsville'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 0.72%, while the lowest median tax rate is 0.38%. Understanding how these cities compare with Gibbonsville provides valuable insights into the varying tax landscape across Lemhi County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gibbonsville Tax Rate
0.38%
Average Lemhi County Tax Rate
0.34%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gibbonsville, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83463 | 0.21% | 0.24% | 0.38% | 0.44% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Gibbonsville, Idaho
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Gibbonsville, 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 Lemhi 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 Gibbonsville, 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. The median home price in Gibbonsville is $220,549. The median tax bill ranges significantly, with the 25th percentile at $417 and the 90th percentile at $1,842. The highest and lowest median tax bills, both $721, are found in zip code 83463. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gibbonsville Assessed Value
$220,549
Average Lemhi County Assessed Value
$240,870
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gibbonsville, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83463 | $65,231 | $129,310 | $220,549 | $393,469 | $538,813 |
Source: Ownwell
Property Tax Bills Across Gibbonsville, Idaho
In Gibbonsville, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value determined by the county assessor. Homeowners in Gibbonsville, located in Lemhi County, experience a range of property tax bills. The 25th percentile tax bill is $417, while the 75th percentile reaches $1,238, and the 90th percentile is $1,842. These figures show how property taxes can vary significantly based on property values and specific assessments. For a home with a median price of $220,549, the tax bill can be influenced by various factors such as property improvements, neighborhood developments, and local government budget needs. Compared to the national median property tax rate of 0.99%, homeowners in Gibbonsville may find their tax bills to be relatively moderate. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Gibbonsville Tax Bill
$721
Average Lemhi County Tax Bill
$733
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Gibbonsville, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83463 | $188 | $417 | $721 | $1,238 | $1,842 |
Source: Ownwell