Basalt, Idaho Property Taxes
The median property tax rate in Basalt, Idaho is 0.31%, considerably lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Basalt, the typical annual property tax bill reaches $591, significantly below the national median of $2,690. Property taxes in Basalt 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 Basalt'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 Basalt 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
Basalt, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.31%
Estimate Property Tax Bill
$593
Ownwell’s Basalt Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Basalt with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Basalt to provide an accurate estimate of your property tax bill. This valuable tool helps you gauge potential tax liabilities effectively. For those interested in more detailed trends at the neighborhood level, further localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Basalt, Idaho
Property taxes in Basalt, Idaho, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Basalt is 0.31%, significantly lower than both the Idaho state median of 0.69% and the U.S. national median of 0.99%. Local government entities within Basalt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Basalt 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 Basalt's effective property tax rate to other counties in Idaho and the national median. For comparison, the highest median property tax rate in the region is found in zip code 83221 at 0.69%, while the lowest median tax rate is in zip code 83274 at 0.31%. Understanding how these cities compare with Basalt provides valuable insights into the varying tax landscape across Bingham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Basalt Tax Rate
0.31%
Average Bingham County Tax Rate
0.49%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Basalt, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83218 | 0.23% | 0.30% | 0.31% | 0.58% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Basalt, Idaho
In Basalt, 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 Bingham 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 Basalt, 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. The median home price in Basalt is $191,373, with the 25th percentile tax bill at $296 and the 75th percentile at $856. The highest and lowest median tax bills, both at $591, are found in the 83218 zip code. Being aware of these valuation processes in Basalt helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Basalt Assessed Value
$191,373
Average Bingham County Assessed Value
$255,122
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Basalt, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83218 | $18,408 | $140,153 | $191,373 | $252,793 | $289,467 |
Source: Ownwell
Property Tax Bills Across Basalt, Idaho
In Basalt, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor. The assessed value is a percentage of the market value, reflecting the property's worth in the current real estate market. Homeowners in Basalt, located in Bingham County, experience property tax rates that vary, leading to different tax bills across the area. For instance, the median home price in Basalt is $191,373. Property tax bills can range significantly, from the 25th percentile at $296 to the 75th percentile at $856, and reaching up to the 90th percentile at $1,175. These figures illustrate the variability in tax burdens, influenced by factors such as property value and specific local tax rates. Compared to the national median property tax rate of 0.99%, homeowners in Basalt may find their tax obligations either lower or higher depending on the assessed value of their property. Understanding these factors helps homeowners anticipate their annual property tax bills and budget accordingly.
Average Basalt Tax Bill
$591
Average Bingham County Tax Bill
$1,085
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Basalt, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83218 | $52 | $296 | $591 | $856 | $1,175 |
Source: Ownwell