Bloomington, Idaho Property Taxes
The median property tax rate in Bloomington, Idaho is 0.45%, considerably lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Bloomington at $432,599, the typical annual property tax bill reaches $1,575, well below the national median of $2,690. Property taxes in Bloomington 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 Bloomington'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 Bloomington 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
Bloomington, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$1,947
Ownwell’s Bloomington Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Bloomington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bloomington 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 Bloomington, Idaho
Property taxes in Bloomington, Idaho, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bloomington is 0.45%, which is lower than the U.S. national median of 0.99%. Local government entities within Bloomington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bloomington 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 Bloomington's effective property tax rate to other areas in Bear Lake County and the national median. For comparison, the zip code 83223 has both the highest and lowest median property tax rate of 0.45%. Understanding how these areas compare with Bloomington provides valuable insights into the varying tax landscape across Bear Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bloomington Tax Rate
0.45%
Average Bear Lake County Tax Rate
0.36%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bloomington, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83223 | 0.31% | 0.38% | 0.45% | 0.49% | 0.51% |
Source: Ownwell
Property Tax Assessment Values Across Bloomington, Idaho
In Bloomington, 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 Bear Lake 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 Bloomington, 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. The median home price in Bloomington is $432,599, with tax bills ranging from $1,149 at the 25th percentile to $2,025 at the 90th percentile. Interestingly, the highest and lowest median tax bills are both $1,575, found in the zip code 83223. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bloomington Assessed Value
$432,599
Average Bear Lake County Assessed Value
$278,628
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bloomington, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83223 | $248,170 | $346,848 | $432,599 | $472,146 | $487,657 |
Source: Ownwell
Property Tax Bills Across Bloomington, Idaho
In Bloomington, Bear Lake County, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the home's market value, reflecting its current worth in the real estate market. Several factors influence the assessed value, including the property's size, age, location, and condition. Once the assessed value is established, the tax rate, set by local taxing authorities, is applied to this value to determine the annual property tax bill. In Bloomington, the median home price is $432,599, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $1,149, while the 75th percentile tax bill is $1,966. The 90th percentile tax bill reaches up to $2,025. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting homeowners by contributing to the community's overall quality of life. Comparing this to the national median property tax rate of 0.99%, Bloomington's property taxes are relatively moderate.
Average Bloomington Tax Bill
$1,575
Average Bear Lake County Tax Bill
$1,081
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Bloomington, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83223 | $1,027 | $1,149 | $1,575 | $1,966 | $2,025 |
Source: Ownwell