Challis, Idaho Property Taxes
The median property tax rate in Challis, ID is 0.20%, significantly lower than both the national median of 0.99% and Idaho's state median of 0.50%. With a median home value of $104,242 in Challis, the typical annual property tax bill amounts to $247, far below the national median of $2,690. Property taxes in Challis 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 Challis's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Challis or another part of Lemhi County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Challis, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.2%
Estimate Property Tax Bill
$208
Ownwell’s Challis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Challis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Challis 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 Challis, Idaho
Property taxes in Challis, Idaho, play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Challis is 0.20%, which is significantly lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Challis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Challis 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 Challis's effective property tax rate to other counties in Idaho and the national median. Understanding how Challis compares with other cities provides valuable insights into the varying tax landscape across Lemhi County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Challis Tax Rate
0.20%
Average Lemhi County Tax Rate
0.34%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Challis, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83226 | 0.18% | 0.19% | 0.20% | 0.24% | 0.29% |
Source: Ownwell
Property Tax Assessment Values Across Challis, Idaho
In Challis, 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 Lemhi 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 Challis, 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 Challis helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 83226 has the highest and lowest median tax bill, both at $247.
Average Challis Assessed Value
$104,242
Average Lemhi County Assessed Value
$240,870
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Challis, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83226 | $59,506 | $68,686 | $104,242 | $146,585 | $167,980 |
Source: Ownwell
Property Tax Bills Across Challis, Idaho
In Challis, located in Lemhi County, ID, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is applied to this assessed value to determine the annual tax bill. For example, the median home price in Challis is $104,242. Homeowners in the 25th percentile pay around $202 annually, while those in the 75th percentile pay about $287. At the 90th percentile, the tax bill rises to approximately $341. Several factors influence the tax bill, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Challis residents benefit from relatively low property taxes. This can be a significant advantage for homeowners, making it more affordable to own property in the area. The highest and lowest median tax bills in the region are both $247, showcasing a consistent tax environment within the zip code 83226.
Average Challis Tax Bill
$247
Average Lemhi County Tax Bill
$733
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Challis, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83226 | $138 | $202 | $247 | $287 | $341 |
Source: Ownwell