Geneva, Idaho Property Taxes
The median property tax rate in Geneva, Idaho is 0.28%, significantly lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Geneva at $222,517, the typical annual property tax bill is $598, which is well below the national median of $2,690. Property taxes in Geneva are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Geneva'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 Geneva or another part of Bear Lake County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Geneva, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.28%
Estimate Property Tax Bill
$623
Ownwell’s Geneva Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Geneva with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Geneva 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 Geneva, Idaho
Property taxes in Geneva, Idaho, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Geneva is 0.28%, significantly lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Geneva set these rates annually, and they can vary significantly across different neighborhoods. Each year, Geneva 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 Geneva'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 found in zip code 83401 at 1.25%, while the lowest median tax rate is in zip code 83254 at 0.15%. Understanding how these cities compare with Geneva 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 Geneva Tax Rate
0.28%
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 Geneva, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83238 | 0.22% | 0.23% | 0.28% | 0.39% | 0.46% |
Source: Ownwell
Property Tax Assessment Values Across Geneva, Idaho
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Geneva, 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 Bear Lake 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 Geneva, 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 Geneva helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Geneva's property tax bills range significantly, with the highest median tax bill being $598 in the 83238 zip code, which is also the lowest median tax bill in the area.
Average Geneva Assessed Value
$222,517
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 Geneva, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83238 | $127,917 | $184,428 | $222,517 | $304,698 | $370,631 |
Source: Ownwell
Property Tax Bills Across Geneva, Idaho
In Geneva, located in Bear Lake County, Idaho, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Geneva is $222,517. Property taxes here are relatively low compared to the national median property tax rate of 0.99%. The tax bill for homeowners in Geneva varies significantly. At the 25th percentile, homeowners pay around $494 annually, while those at the 75th percentile pay approximately $878. For those in the 90th percentile, the tax bill can reach up to $1,395. These figures show a range that reflects differences in property values and applicable exemptions. Factors that influence the tax bill include the assessed value of the property, any applicable exemptions, and the local tax rate. Homeowners in Geneva benefit from a lower median tax bill compared to many other regions, making it a more affordable option for property ownership. This lower tax burden can significantly impact the overall cost of homeownership, providing financial relief and making it an attractive place to live.
Average Geneva Tax Bill
$598
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 Geneva, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83238 | $439 | $494 | $598 | $878 | $1,395 |
Source: Ownwell