May, Idaho Property Taxes
The median property tax rate in MAY, ID is 0.36%, significantly lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in MAY at $308,340, the typical annual property tax bill amounts to $1,161, well below the national median of $2,690. Property taxes in MAY are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding MAY'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 MAY 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
May, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.36%
Estimate Property Tax Bill
$1,110
Ownwell’s MAY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MAY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MAY 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 May, Idaho
Property taxes in May, Idaho, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in May is 0.36%, significantly lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within May set these rates annually, and they can vary significantly across different neighborhoods. Each year, May 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 May'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 83254 with a rate of 1.25%, while the lowest median tax rate is in zip code 83226 at 0.28%. Understanding how these cities compare with May provides valuable insights into the varying tax landscape across Custer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average May Tax Rate
0.36%
Average Custer County Tax Rate
0.40%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across May, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83253 | 0.23% | 0.31% | 0.36% | 0.38% | 0.39% |
Source: Ownwell
Property Tax Assessment Values Across May, Idaho
In MAY, 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 Custer 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 MAY, 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. For instance, the median property tax bill in the area is $1,161, with the highest and lowest median tax bills both reported in zip code 83253. 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 MAY helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average May Assessed Value
$308,340
Average Custer County Assessed Value
$172,930
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across May, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83253 | $168,556 | $189,660 | $308,340 | $469,280 | $590,618 |
Source: Ownwell
Property Tax Bills Across May, Idaho
In the city of May in Custer County, ID, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the property's market value. The median home price in May is $308,340, which serves as a reference point for calculating property taxes. Tax rates are applied to the assessed value to determine the annual tax bill. Homeowners in May can expect property tax bills ranging from $646 at the 25th percentile to $2,080 at the 90th percentile. The median tax bill in May is $1,161, which is comparable to the national median property tax rate of 0.99%. Factors such as property improvements, neighborhood changes, and local government budgets can influence the assessed value and, consequently, the tax bill. For homeowners, understanding these factors is crucial as they directly impact the annual financial obligation tied to their property.
Average May Tax Bill
$1,161
Average Custer County Tax Bill
$617
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across May, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83253 | $473 | $646 | $1,161 | $1,651 | $2,080 |
Source: Ownwell