Bovill, Idaho Property Taxes
The median property tax rate in Bovill, ID is 0.66%, slightly lower than the national median of 0.99% but higher than the Idaho state median of 0.50%. With a median home value of $73,904 in Bovill, the typical annual property tax bill is $611, significantly lower than the national median of $2,690. Property taxes in Bovill 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 Bovill'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 Bovill or another part of Latah County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bovill, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$488
Ownwell’s Bovill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bovill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bovill 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 Bovill, Idaho
Property taxes in Bovill, Idaho, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bovill is 0.66%, which is lower than both Idaho's state median and the U.S. national median of 0.99%. Local government entities within Bovill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bovill 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 Bovill's effective property tax rate to other counties in Idaho and the national median. For comparison, the zip code 83806 has the highest median property tax rate of 0.66%, while also having the lowest median tax rate of 0.66%. Understanding how these cities compare with Bovill provides valuable insights into the varying tax landscape across Latah County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bovill Tax Rate
0.66%
Average Latah County Tax Rate
0.67%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bovill, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83806 | 0.51% | 0.55% | 0.66% | 1.37% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Bovill, Idaho
In Bovill, 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 Latah 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 Bovill, 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 Bovill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Bovill both stand at $611, located in the 83806 zip code.
Average Bovill Assessed Value
$73,904
Average Latah County Assessed Value
$393,996
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bovill, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83806 | $23,177 | $40,762 | $73,904 | $131,901 | $345,675 |
Source: Ownwell
Property Tax Bills Across Bovill, Idaho
In Bovill, located in Latah County, ID, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as property location, home size, and recent sale prices of comparable properties are considered in the assessment process. For homeowners in Bovill, the median home price is $73,904, leading to a range of property tax bills. The tax bill at the 25th percentile is $362, while at the 75th percentile, it reaches $908. The 90th percentile tax bill can go up to $1,913. In comparison to the national median property tax rate of 0.99%, Bovill’s property tax rates are relatively moderate. These taxes are crucial as they contribute to local services such as schools, infrastructure, and emergency services, impacting the overall quality of life for residents.
Average Bovill Tax Bill
$611
Average Latah County Tax Bill
$2,676
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Bovill, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83806 | $254 | $362 | $611 | $908 | $1,913 |
Source: Ownwell