Terreton, Idaho Property Taxes
The median property tax rate in Terreton, ID is 0.57%, slightly higher than the state median of 0.50% but still below the national median of 0.99%. With the median home value in Terreton at $176,242, the typical annual property tax bill is $891, significantly lower than the national median of $2,690. Property taxes in Terreton 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 Terreton'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 Terreton or another part of Jefferson County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Terreton, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$1,005
Ownwell’s Terreton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Terreton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Terreton 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 Terreton, Idaho
Property taxes in Terreton, Idaho, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Terreton is 0.57%, which is lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Terreton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Terreton 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 Terreton's effective property tax rate to other counties in Idaho and the national median. For comparison, the 83450 zip code has the highest median property tax rate of 0.57%, while the same 83450 zip code also has the lowest median tax rate of 0.57%. Understanding how these cities compare with Terreton 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 Terreton Tax Rate
0.57%
Average Jefferson County Tax Rate
0.39%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Terreton, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83450 | 0.35% | 0.41% | 0.57% | 0.68% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Terreton, Idaho
In Terreton, 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 Terreton, 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. For instance, the median home price in Terreton is $176,242, with tax bills ranging from $320 at the 25th percentile to $2,298 at the 90th percentile. The zip code 83450 has both the highest and lowest median tax bill at $891. Being aware of these valuation processes in Terreton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Terreton Assessed Value
$176,242
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 Terreton, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83450 | $6,105 | $59,379 | $176,242 | $296,846 | $422,585 |
Source: Ownwell
Property Tax Bills Across Terreton, Idaho
In Terreton, Jefferson County, ID, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Terreton experience a range of property tax bills, with the 25th percentile at $320 and the 75th percentile at $1,534, indicating a significant variation depending on property value and exemptions applied. The highest median tax bill in the area is $891, which is relatively low compared to the national median property tax rate of 0.99%. This lower tax burden can make homeownership more affordable, but it also means that local services and infrastructure rely on a smaller tax base. For homeowners, understanding these factors is crucial for financial planning, as property taxes can impact overall housing costs. By staying informed about assessed values and local tax rates, residents can better anticipate their annual property tax obligations.
Average Terreton Tax Bill
$891
Average Jefferson County Tax Bill
$1,302
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Terreton, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83450 | $41 | $320 | $891 | $1,534 | $2,298 |
Source: Ownwell