Ovid, Idaho Property Taxes
The median property tax rate in Ovid, ID is 0.26%, significantly lower than both the national median of 0.99% and the Idaho state median of 0.50%. With a median home value of $225,430 in Ovid, the typical annual property tax bill is $683, well below the national median of $2,690. Property taxes in Ovid are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ovid'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 Ovid 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
Ovid, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.26%
Estimate Property Tax Bill
$586
Ownwell’s Ovid Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ovid with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ovid 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 Ovid, Idaho
Property taxes in Ovid, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ovid is 0.26%, significantly lower than both the Idaho state median of 0.69% and the U.S. national median of 0.99%. Local government entities within Ovid set these rates annually, and they can vary across different neighborhoods. Each year, Ovid 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 Ovid'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 83702 with a rate of 1.02%, while the lowest median tax rate is in zip code 83254 at 0.26%. Understanding how these cities compare with Ovid 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 Ovid Tax Rate
0.26%
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 Ovid, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83254 | 0.22% | 0.23% | 0.26% | 0.40% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Ovid, Idaho
In Ovid, 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 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 Ovid, 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 Ovid helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Ovid are both $683, found in the 83254 zip code.
Average Ovid Assessed Value
$225,430
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 Ovid, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83254 | $138,928 | $173,265 | $225,430 | $308,105 | $437,574 |
Source: Ownwell
Property Tax Bills Across Ovid, Idaho
In Ovid, Bear Lake County, ID, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For a median home price of $225,430, the tax bill can vary significantly. Factors such as property location, home improvements, and local tax rates play a crucial role in determining the final amount. For instance, at the 25th percentile, homeowners might expect a tax bill around $533, while those at the 75th percentile could see bills as high as $899. The 90th percentile tax bill can reach up to $1361, indicating a substantial range influenced by various property and regional factors. Comparatively, the national median property tax rate is 0.99%, making Ovid's rates relatively moderate. Homeowners must consider these taxes as part of their overall housing costs, as they can significantly impact affordability and long-term financial planning. Understanding these factors helps homeowners anticipate their annual expenses and manage their budgets more effectively.
Average Ovid Tax Bill
$683
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 Ovid, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83254 | $451 | $533 | $683 | $899 | $1,361 |
Source: Ownwell