Lucile, Idaho Property Taxes
The median property tax rate in Lucile, ID is 0.34%, significantly lower than both the national median of 0.99% and the Idaho state median of 0.50%. With a median home value in Lucile at $298,962, the typical annual property tax bill is $1,158, well below the national median of $2,690. Property taxes in Lucile 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 Lucile'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 Lucile 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
Lucile, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.34%
Estimate Property Tax Bill
$1,016
Ownwell’s Lucile Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lucile with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lucile 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 Lucile, Idaho
Property taxes in Lucile, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lucile is 0.34%, which is significantly lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Lucile set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lucile 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 Lucile'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 significantly above Lucile's rate, while the lowest median tax rate is closer to Lucile's. Understanding how these cities compare with Lucile provides valuable insights into the varying tax landscape across Idaho County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lucile Tax Rate
0.34%
Average Idaho County Tax Rate
0.27%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lucile, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83542 | 0.22% | 0.31% | 0.34% | 0.45% | 0.53% |
Source: Ownwell
Property Tax Assessment Values Across Lucile, Idaho
In Lucile, 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 Idaho 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 Lucile, 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, homeowners in the 83542 zip code see a median tax bill of $1,158, which is consistent across the board. 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 Lucile helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lucile Assessed Value
$298,962
Average Idaho County Assessed Value
$208,696
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lucile, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83542 | $70,647 | $163,377 | $298,962 | $486,011 | $668,328 |
Source: Ownwell
Property Tax Bills Across Lucile, Idaho
In Lucile, Idaho, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Homeowners in Lucile can expect their property tax bills to vary significantly depending on the assessed value of their homes. For example, the tax bill at the 25th percentile is around $722, while at the 75th percentile, it rises to approximately $1,733. For those in the 90th percentile, the tax bill can reach up to $2,364. These property tax rates are crucial for homeowners as they directly influence the annual cost of owning a home. Compared to the national median property tax rate of 0.99%, Lucile's rates can be considered moderate, providing a balanced approach to funding local services without overly burdening homeowners. The highest and lowest median tax bills in Idaho County both stand at $1,158, indicating a relatively uniform tax rate across different areas within the county.
Average Lucile Tax Bill
$1,158
Average Idaho County Tax Bill
$670
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Lucile, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83542 | $417 | $722 | $1,158 | $1,733 | $2,364 |
Source: Ownwell