Lemhi, Idaho Property Taxes
The median property tax rate in Lemhi, ID is 0.32%, significantly lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Lemhi at $240,900, the typical annual property tax bill is $656, far below the national median of $2,690. Property taxes in Lemhi 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 Lemhi'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 Lemhi or another part of the county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lemhi, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.32%
Estimate Property Tax Bill
$771
Ownwell’s Lemhi Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lemhi with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lemhi 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 Lemhi, Idaho
Property taxes in Lemhi, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lemhi is 0.32%, significantly lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Lemhi set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lemhi 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 Lemhi'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 1.31%, while the lowest median tax rate is 0.31%. Understanding how these cities compare with Lemhi 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 Lemhi Tax Rate
0.32%
Average Lemhi County Tax Rate
0.34%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lemhi, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83465 | 0.20% | 0.29% | 0.32% | 0.36% | 0.57% |
Source: Ownwell
Property Tax Assessment Values Across Lemhi, Idaho
In Lemhi, 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 Lemhi 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 Lemhi, 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 Lemhi helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 83465, both at $656.
Average Lemhi Assessed Value
$240,900
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 Lemhi, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83465 | $4,175 | $47,183 | $240,900 | $444,299 | $720,269 |
Source: Ownwell
Property Tax Bills Across Lemhi, Idaho
In Lemhi, located in Idaho, property tax bills are calculated based on the assessed value of a home, which is often a percentage of the market value. The tax rate, or millage rate, is then applied to this assessed value to determine the annual property tax bill. Various factors influence the assessed value, including the property's size, location, and condition. The median home price in Lemhi is $240,900, with property tax bills ranging significantly. For example, the 25th percentile tax bill is $199, while the 75th percentile reaches $1,220, and the 90th percentile can be as high as $2,296. The highest median tax bill recorded is $656, which is notably lower than the national median property tax rate of 0.99%. These property taxes play a crucial role in funding local services such as schools, public safety, and infrastructure, directly impacting homeowners by contributing to the overall quality of life and community resources in Lemhi.
Average Lemhi Tax Bill
$656
Average Lemhi County Tax Bill
$733
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Lemhi, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83465 | $13 | $199 | $656 | $1,220 | $2,296 |
Source: Ownwell