Island Park, Idaho Property Taxes
The median property tax rate in Island Park, ID is 0.44%, significantly lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Island Park at $397,640, the typical annual property tax bill reaches $1,999, which is below the national median of $2,690. Property taxes in Island Park 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 Island Park'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 Island Park 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
Island Park, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.44%
Estimate Property Tax Bill
$1,750
Ownwell’s Island Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Island Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Island Park 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 Island Park, Idaho
Property taxes in Island Park, Idaho, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Island Park is 0.44%, which is lower than the U.S. national median of 0.99%. Local government entities within Island Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Island Park 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 Island Park's effective property tax rate to other areas in Idaho and the national median. For comparison, the zip code 83429 has both the highest and lowest median property tax rate of 0.44%. Understanding how these cities compare with Island Park provides valuable insights into the varying tax landscape across Fremont County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Island Park Tax Rate
0.44%
Average Fremont County Tax Rate
0.43%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Island Park, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83429 | 0.38% | 0.40% | 0.44% | 0.58% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Island Park, Idaho
In Island Park, Idaho, understanding the distinction between "market value" and "assessed value" is essential for grasping property taxes. The market value represents the price a willing buyer would pay a willing seller in an open, competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Fremont 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 Island Park, 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. The median home price in Island Park is $397,640, with property tax bills ranging from $1,087 at the 25th percentile to $4,478 at the 90th percentile. Notably, the zip code 83429 has both the highest and lowest median tax bill of $1,999. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Island Park Assessed Value
$397,640
Average Fremont County Assessed Value
$277,698
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Island Park, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83429 | $74,176 | $197,010 | $397,640 | $662,415 | $994,751 |
Source: Ownwell
Property Tax Bills Across Island Park, Idaho
Property tax bills in Island Park, located in Fremont County, ID, are determined based on the assessed value of a property and the local tax rate. The assessed value is a percentage of the property's market value, and it forms the foundation of the tax calculation. Local tax authorities then apply the tax rate to this assessed value to generate the tax bill. In Island Park, the median home price stands at $397,640, which influences the overall tax bill homeowners can expect. For instance, the 25th percentile tax bill is $1,087, while the 75th percentile tax bill reaches $3,063. At the higher end, the 90th percentile tax bill can climb to $4,478. Compared to the national median property tax rate of 0.99%, Fremont County's tax rates can lead to significant variations in tax bills. Homeowners must consider these factors when budgeting for annual expenses, as property taxes significantly impact the cost of owning a home in Island Park.
Average Island Park Tax Bill
$1,999
Average Fremont County Tax Bill
$1,250
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Island Park, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83429 | $406 | $1,087 | $1,999 | $3,063 | $4,478 |
Source: Ownwell