Bancroft, Idaho Property Taxes
The median property tax rate in Bancroft, Idaho, is 0.74%, which is lower than the national median of 0.99% but higher than Idaho's state median of 0.50%. With the median home value in Bancroft at $87,623, the typical annual property tax bill amounts to $658, falling well below the national median of $2,690. Property taxes in Bancroft are calculated based on the assessed value, which is often lower than the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Bancroft'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 Bancroft or another part of Caribou County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bancroft, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$648
Ownwell’s Bancroft Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bancroft with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bancroft 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 Bancroft, Idaho
Property taxes in Bancroft, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bancroft is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Bancroft set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bancroft 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 Bancroft's effective property tax rate to other counties in Idaho and the national median. For comparison, the 83217 zip code has the highest median property tax rate of 0.74%, while the same zip code also has the lowest median tax rate of 0.74%. Understanding how these cities compare with Bancroft provides valuable insights into the varying tax landscape across Caribou County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bancroft Tax Rate
0.74%
Average Caribou County Tax Rate
0.73%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bancroft, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83217 | 0.46% | 0.64% | 0.74% | 1.02% | 2.06% |
Source: Ownwell
Property Tax Assessment Values Across Bancroft, Idaho
In Bancroft, 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 Caribou 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 Bancroft, 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 Bancroft helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Bancroft is 83217, with a median tax bill of $658.
Average Bancroft Assessed Value
$87,623
Average Caribou County Assessed Value
$58,764
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bancroft, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83217 | $8,770 | $12,618 | $87,623 | $254,815 | $488,956 |
Source: Ownwell
Property Tax Bills Across Bancroft, Idaho
In Bancroft, located in Caribou County, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value typically reflects the market value of the home. For instance, with a median home price of $87,623, homeowners can expect their property tax to be a percentage of this value. The tax rate in Bancroft contributes to the final tax bill, which can vary significantly. Homeowners in the 25th percentile may see tax bills as low as $153, while those in the 75th percentile could face bills around $1,546. At the higher end, in the 90th percentile, tax bills can reach up to $2,726. This range demonstrates the variability in property taxes, influenced by factors such as property value and specific local tax rates. Comparatively, with a national median property tax rate of 0.99%, Bancroft’s rates can have a notable impact on homeowners, affecting their overall financial planning and housing affordability.
Average Bancroft Tax Bill
$658
Average Caribou County Tax Bill
$502
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Bancroft, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83217 | $87 | $153 | $658 | $1,546 | $2,726 |
Source: Ownwell