Craigmont, Idaho Property Taxes
The median property tax rate in Craigmont, ID is 0.86%, which is lower than the national median of 0.99% but significantly higher than the Idaho state median of 0.50%. With the median home value in Craigmont at $169,838, the typical annual property tax bill reaches $1,589, which is below the national median of $2,690. Property taxes in Craigmont 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 Craigmont'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 Craigmont or another part of Lewis County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Craigmont, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,461
Ownwell’s Craigmont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Craigmont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Craigmont 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 Craigmont, Idaho
Property taxes in Craigmont, Idaho, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Craigmont is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Craigmont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Craigmont 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 Craigmont's effective property tax rate to other counties in Idaho and the national median. For comparison, the zip code 83523 has both the highest and lowest median property tax rate of 0.86%. Understanding how these cities compare with Craigmont provides valuable insights into the varying tax landscape across Lewis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Craigmont Tax Rate
0.86%
Average Lewis County Tax Rate
0.83%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Craigmont, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83523 | 0.66% | 0.79% | 0.86% | 1.21% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Craigmont, Idaho
In Craigmont, 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 Lewis 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 Craigmont, 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. For instance, the median home price in Craigmont is $169,838, with tax bills ranging from $1,019 at the 25th percentile to $3,130 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Craigmont Assessed Value
$169,838
Average Lewis County Assessed Value
$168,051
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Craigmont, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83523 | $44,671 | $110,874 | $169,838 | $246,613 | $325,722 |
Source: Ownwell
Property Tax Bills Across Craigmont, Idaho
In Craigmont, located in Lewis County, ID, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is a percentage of the property's market value. For instance, with a median home price of $169,838, the tax bill can vary significantly depending on the specific assessment and applicable tax rate. Various factors influence the final tax bill, including the property's location, size, and any applicable exemptions or deductions. The 25th percentile tax bill in Craigmont stands at $1,019, while the 75th percentile reaches $2,296, showing a broad range in tax liabilities. The highest median tax bill recorded in the area is $1,589, aligning with the national median property tax rate of 0.99%. These property taxes fund essential local services such as public schools, infrastructure maintenance, and emergency services, directly impacting homeowners by influencing the overall cost of owning and maintaining a property in Craigmont.
Average Craigmont Tax Bill
$1,589
Average Lewis County Tax Bill
$1,222
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Craigmont, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83523 | $364 | $1,019 | $1,589 | $2,296 | $3,130 |
Source: Ownwell