Spirit Lake, Idaho Property Taxes
The median property tax rate in Spirit Lake, ID is 0.32%, significantly lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Spirit Lake at $460,013, the typical annual property tax bill reaches $1,568, which is well below the national median of $2,690. Property taxes in Spirit Lake are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Spirit Lake'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 Spirit Lake 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
Spirit Lake, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.32%
Estimate Property Tax Bill
$1,472
Ownwell’s Spirit Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spirit Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spirit Lake 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 Spirit Lake, Idaho
Property taxes in Spirit Lake, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spirit Lake is 0.55%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Spirit Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spirit Lake 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 Spirit Lake'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 83702 with a rate of 1.02%, while the lowest median tax rate is in zip code 83254 at 0.38%. Understanding how these cities compare with Spirit Lake provides valuable insights into the varying tax landscape across Kootenai County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Spirit Lake Tax Rate
0.32%
Average Kootenai County Tax Rate
0.32%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spirit Lake, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83869 | 0.22% | 0.28% | 0.32% | 0.40% | 0.57% |
Source: Ownwell
Property Tax Assessment Values Across Spirit Lake, Idaho
In Spirit Lake, 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 Kootenai 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 Spirit Lake, 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 Spirit Lake is $460,013. The 25th percentile tax bill is $1,021, while the 75th percentile tax bill is $2,191. The highest median tax bill in the area is $1,568 in zip code 83869, which also has the lowest median tax bill of $1,568. 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 Spirit Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Spirit Lake Assessed Value
$460,013
Average Kootenai County Assessed Value
$537,335
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Spirit Lake, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83869 | $150,000 | $328,604 | $460,013 | $684,544 | $887,459 |
Source: Ownwell
Property Tax Bills Across Spirit Lake, Idaho
In Spirit Lake, located in Kootenai County, ID, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and is designed to reflect the market value of the property. Once the assessed value is established, local tax rates are applied to calculate the annual property tax bill. Several factors influence the assessed value, including the home's size, age, location, and any improvements or renovations. The median home price in Spirit Lake is $460,013, and homeowners can expect varying tax bills depending on their property's assessed value and the local tax rate. For instance, the 25th percentile tax bill is around $1,021, while the 75th percentile tax bill reaches $2,191. At the 90th percentile, homeowners might see tax bills as high as $2,953. Compared to the national median property tax rate of 0.99%, Spirit Lake's property tax rates can significantly impact homeowners, influencing their overall cost of living and financial planning.
Average Spirit Lake Tax Bill
$1,568
Average Kootenai County Tax Bill
$1,799
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Spirit Lake, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83869 | $347 | $1,021 | $1,568 | $2,191 | $2,953 |
Source: Ownwell