North Fork, Idaho Property Taxes
The median property tax rate in North Fork, Idaho is 0.31%, significantly lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in North Fork at $308,810, the typical annual property tax bill amounts to $793, well below the national median of $2,690. Property taxes in North Fork are calculated based on the assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding North Fork'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 North Fork or another part of Lemhi County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
North Fork, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.31%
Estimate Property Tax Bill
$957
Ownwell’s North Fork Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Fork with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Fork 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 North Fork, Idaho
Property taxes in North Fork, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Fork is 0.31%, which is significantly lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within North Fork set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Fork 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 North Fork'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 0.79%, while the lowest median tax rate is 0.31%, the same as North Fork. Understanding how these cities compare with North Fork 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 North Fork Tax Rate
0.31%
Average Lemhi County Tax Rate
0.34%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Fork, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83466 | 0.19% | 0.23% | 0.31% | 0.39% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across North Fork, Idaho
In North Fork, 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 North Fork, 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 North Fork 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 83466, both at $793.
Average North Fork Assessed Value
$308,810
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 North Fork, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83466 | $53,285 | $154,190 | $308,810 | $454,855 | $646,611 |
Source: Ownwell
Property Tax Bills Across North Fork, Idaho
In North Fork, property tax bills are determined by assessing the value of a home and applying the local tax rate. The assessed value is based on the market value of the property, which is influenced by factors such as location, size, and condition of the home. For homeowners in North Fork, the property tax bill can vary significantly. For instance, the 25th percentile tax bill is $397, while the 75th percentile reaches $1,313, and the 90th percentile can be as high as $1,897. These property tax bills can have a substantial impact on homeowners, influencing their overall housing costs and potentially affecting their financial planning. Compared to the national median property tax rate of 0.99%, North Fork's property taxes are relatively moderate, providing some relief to homeowners. The highest and lowest median tax bills in the area are both recorded at $793, specifically in the zip code 83466, indicating a consistent tax environment within certain parts of Lemhi County.
Average North Fork Tax Bill
$793
Average Lemhi County Tax Bill
$733
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across North Fork, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83466 | $171 | $397 | $793 | $1,313 | $1,897 |
Source: Ownwell