Spencer, Idaho Property Taxes
The median property tax rate in Spencer, Idaho is 0.53%, slightly higher than the Idaho state median of 0.50% but still below the national median of 0.99%. With a median home value of $99,180 in Spencer, the typical annual property tax bill amounts to $520, which is significantly lower than the national median of $2,690. Property taxes in Spencer are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Spencer'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 Spencer 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
Spencer, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$526
Ownwell’s Spencer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spencer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spencer 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 Spencer, Idaho
Property taxes in Spencer, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spencer is 0.53%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Spencer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spencer 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 Spencer's effective property tax rate to other areas in Idaho and the national median. For comparison, the 83446 zip code has the highest median property tax rate of 0.53%, while the same zip code also has the lowest median tax rate of 0.53%. Understanding how these figures compare with Spencer provides valuable insights into the varying tax landscape across Clark County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Spencer Tax Rate
0.53%
Average Clark County Tax Rate
0.49%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spencer, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83446 | 0.28% | 0.44% | 0.53% | 0.56% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Spencer, Idaho
In Spencer, 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 Clark 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 Spencer, 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 Spencer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 83446 has the highest and lowest median tax bills, both at $520.
Average Spencer Assessed Value
$99,180
Average Clark County Assessed Value
$117,180
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Spencer, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83446 | $13,316 | $34,770 | $99,180 | $155,795 | $249,566 |
Source: Ownwell
Property Tax Bills Across Spencer, Idaho
In Spencer, Clark County, ID, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area is $99,180. To determine the tax bill, the assessed value is multiplied by the tax rate set by the local government. Factors such as property improvements, market conditions, and neighborhood developments can influence the assessed value. For homeowners in Spencer, property taxes can vary significantly. The 25th percentile tax bill is $213, while the 75th percentile tax bill is $742, and the 90th percentile reaches $946. These variations highlight how different property values and local assessments impact the final tax amount. The highest and lowest median tax bills in Clark County both stand at $520, indicating some consistency within specific areas. Compared to the national median property tax rate of 0.99%, Spencer's property tax rate and resulting bills reflect the local economic conditions and property values, ultimately affecting homeowners' annual financial obligations.
Average Spencer Tax Bill
$520
Average Clark County Tax Bill
$550
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Spencer, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83446 | $90 | $213 | $520 | $742 | $946 |
Source: Ownwell