Menan, Idaho Property Taxes
The median property tax rate in Menan, ID is 0.47%, which is significantly lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Menan at $425,768, the typical annual property tax bill comes to $1,949—well below the national median of $2,690. Property taxes in Menan are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as the primary residence and agricultural exemptions. Navigating Menan's property tax system, exploring available exemptions, and finding opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Menan or another part of Madison County, understanding the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Menan, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$2,001
Ownwell’s Menan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Menan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Menan 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 Menan, Idaho
Property taxes in Menan, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Menan is 0.47%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Menan set these rates annually, and they can vary across different neighborhoods. Each year, Menan 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 Menan's effective property tax rate to other counties in Idaho and the national median. For comparison, the zip code 83434 has the highest median property tax rate of 0.47%, while the same zip code also has the lowest median tax rate of 0.47%. Understanding how these rates compare with Menan provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Menan Tax Rate
0.47%
Average Madison County Tax Rate
0.54%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Menan, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83434 | 0.39% | 0.43% | 0.47% | 0.52% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Menan, Idaho
In Menan, 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 Madison 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 Menan, 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 Menan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 83434, with a median tax bill of $1,949.
Average Menan Assessed Value
$425,768
Average Madison County Assessed Value
$317,091
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Menan, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83434 | $87,044 | $313,334 | $425,768 | $513,788 | $673,179 |
Source: Ownwell
Property Tax Bills Across Menan, Idaho
In Menan, Madison County, ID, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the market value of the property. For instance, if the median home price is $425,768, the assessed value is calculated accordingly. The local tax rate is then applied to this assessed value to determine the final tax bill. Several factors influence the tax bill, including property characteristics, improvements, and local tax levies. In Menan, property tax bills can vary significantly. For example, homeowners in the 25th percentile pay around $1,427, while those in the 75th percentile see bills closer to $2,707. At the 90th percentile, tax bills can reach $3,819. Compared to the national median property tax rate of 0.99%, Menan's tax bills reflect the local economic conditions and property values. This variation can significantly impact homeowners, affecting their annual budgeting and the overall cost of homeownership.
Average Menan Tax Bill
$1,949
Average Madison County Tax Bill
$1,903
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Menan, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83434 | $755 | $1,427 | $1,949 | $2,707 | $3,819 |
Source: Ownwell