Menan, Idaho Property Taxes
The median property tax rate in Menan, Idaho is 0.44%, considerably lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Menan at $261,329, the typical annual property tax bill reaches $1,067, significantly below the national median of $2,690. Property taxes in Menan 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 Menan'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 Menan 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
Menan, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.44%
Estimate Property Tax Bill
$1,150
Ownwell’s Menan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Menan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Menan 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 Jefferson County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Menan, Idaho
Property taxes in Menan, Idaho, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Menan is 0.44%, significantly lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Menan set these rates annually, and they can vary across different neighborhoods. Each year, Menan 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 foundation of setting property tax rates. The data below compares Menan's effective property tax rate to other counties in Idaho and the national median. For comparison, the 83434 zip code has the highest median property tax rate of 0.44%, while the same zip code also has the lowest median tax rate of 0.44%. Understanding how these cities compare with Menan provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Menan Tax Rate
0.44%
Average Jefferson County Tax Rate
0.39%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Menan, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83434 | 0.28% | 0.36% | 0.44% | 0.55% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Menan, Idaho
In Menan, 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 Jefferson 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 Menan, 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 Menan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Menan is $1,067 in the 83434 zip code, while the lowest is also $1,067 in the same zip code.
Average Menan Assessed Value
$261,329
Average Jefferson County Assessed Value
$327,168
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Menan, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83434 | $25,235 | $149,864 | $261,329 | $362,367 | $477,535 |
Source: Ownwell
Property Tax Bills Across Menan, Idaho
Property tax bills in Menan, located in Jefferson County, ID, are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, which is determined by the county assessor. Various factors influence this valuation, including the property's size, location, and condition. In Menan, the median home price stands at $261,329. Homeowners in the 25th percentile of tax bills pay around $516 annually, while those in the 75th percentile face a tax bill of approximately $1,645. The 90th percentile sees even higher bills, reaching up to $2,233. Comparatively, the national median property tax rate is 0.99%, making Menan's property tax landscape relatively moderate. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Understanding how these elements interplay helps homeowners anticipate their financial obligations and plan accordingly.
Average Menan Tax Bill
$1,067
Average Jefferson County Tax Bill
$1,302
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Menan, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83434 | $62 | $516 | $1,067 | $1,645 | $2,233 |
Source: Ownwell