Potlatch, Idaho Property Taxes
The median property tax rate in Potlatch, Idaho is 0.50%, which aligns with the state median but is notably lower than the national median of 0.99%. With the median home value in Potlatch at $305,940, the typical annual property tax bill is approximately $1,572, falling well below the national median of $2,690. Property taxes in Potlatch are calculated based on the assessed value, which is often less than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Potlatch'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 Potlatch or another part of Latah County, being well-versed in the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Potlatch, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$1,530
Ownwell’s Potlatch Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Potlatch with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Potlatch 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 Potlatch, Idaho
Property taxes in Potlatch, Idaho, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Potlatch is 0.50%, lower than the U.S. national median of 0.99%. Local government entities within Potlatch set these rates annually, and they can vary significantly across different neighborhoods. Each year, Potlatch 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 Potlatch's effective property tax rate to other areas in Idaho and the national median. For comparison, the 83855 zip code has the highest median property tax rate of 0.50%, while the same zip code also has the lowest median tax rate of 0.50%. Understanding how these cities compare with Potlatch 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 Potlatch Tax Rate
0.50%
Average Latah County Tax Rate
0.67%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Potlatch, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83855 | 0.39% | 0.44% | 0.50% | 0.66% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Potlatch, Idaho
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Potlatch, Idaho. 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 Potlatch, 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 Potlatch helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in this area is $305,940, with tax bills ranging from $987 at the 25th percentile to $3,133 at the 90th percentile. Interestingly, the highest and lowest median tax bills are both found in the 83855 zip code, standing at $1,572.
Average Potlatch Assessed Value
$305,940
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 Potlatch, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83855 | $129,202 | $206,441 | $305,940 | $425,918 | $553,630 |
Source: Ownwell
Property Tax Bills Across Potlatch, Idaho
In Potlatch, 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 tax bill. Factors such as property size, location, and improvements can influence the assessed value. For example, the median home price in Potlatch is $305,940. Homeowners in the 25th percentile can expect a tax bill around $987, while those in the 75th percentile might see bills closer to $2,342. At the 90th percentile, tax bills can reach up to $3,133. The highest and lowest median tax bills in Potlatch are both $1,572, indicating a relatively consistent tax environment across the city. Compared to the national median property tax rate of 0.99%, Potlatch offers a competitive rate that can be beneficial for homeowners. Understanding these factors helps homeowners anticipate their tax obligations and manage their finances more effectively.
Average Potlatch Tax Bill
$1,572
Average Latah County Tax Bill
$2,676
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Potlatch, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83855 | $574 | $987 | $1,572 | $2,342 | $3,133 |
Source: Ownwell