Desmet, Idaho Property Taxes
The median property tax rate in Desmet, ID is 0.52%, slightly higher than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Desmet at $514,304, the typical annual property tax bill reaches $2,888, exceeding the national median of $2,690. Property taxes in Desmet 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 Desmet'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 Desmet 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
Desmet, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.52%
Estimate Property Tax Bill
$2,674
Ownwell’s DeSmet Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in DeSmet with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in DeSmet 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 Desmet, Idaho
Property taxes in Desmet, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Desmet is 0.52%, which is lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Desmet set these rates annually, and they can vary significantly across different neighborhoods. Each year, Desmet 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 Desmet's effective property tax rate to other areas in Idaho and the national median. For comparison, the zip code 83824 has both the highest and lowest median property tax rate of 0.52%. Understanding how these areas compare with Desmet 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 Desmet Tax Rate
0.52%
Average Latah County Tax Rate
0.67%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Desmet, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83824 | 0.45% | 0.47% | 0.52% | 0.75% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Desmet, Idaho
In DESMET, 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 DESMET, 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, the median home price in DESMET is $514,304. The tax bill in the 25th percentile is $2,043, while the 75th percentile tax bill is $4,064. The highest median tax bill in the region is $2,888, found in the 83824 zip code, which also has the lowest median tax bill at $2,888. 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 DESMET helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Desmet Assessed Value
$514,304
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 Desmet, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83824 | $375,592 | $431,975 | $514,304 | $645,671 | $727,488 |
Source: Ownwell
Property Tax Bills Across Desmet, Idaho
In Desmet, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Desmet, the median home price stands at $514,304, and property tax bills can vary significantly. At the 25th percentile, homeowners pay around $2,043, while those at the 75th percentile see bills closer to $4,064. The highest tax bills, at the 90th percentile, reach up to $4,651 annually. Factors such as property size, location, and improvements can influence the assessed value, subsequently affecting the tax bill. Compared to the national median property tax rate of 0.99%, Desmet's rates can impact homeowners differently based on their property's valuation. This variability in tax bills highlights the importance of understanding how local assessments and tax rates can influence overall homeownership costs in Latah County.
Average Desmet Tax Bill
$2,888
Average Latah County Tax Bill
$2,676
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Desmet, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83824 | $1,845 | $2,043 | $2,888 | $4,064 | $4,651 |
Source: Ownwell