Teton, Idaho Property Taxes
The median property tax rate in Teton, ID is 0.36%, significantly lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Teton at $306,815, the typical annual property tax bill amounts to $1,075, well below the national median of $2,690. Property taxes in Teton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Teton'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 Teton 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
Teton, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.36%
Estimate Property Tax Bill
$1,105
Ownwell’s Teton Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Teton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Teton to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities, making it easier to plan your finances. For those interested in more detailed trends at a neighborhood level, additional localized information is available. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Teton, Idaho
Property taxes in Teton, Idaho, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Teton is 0.56%, higher than both the Idaho state median of 0.69% and the U.S. national median of 0.99%. Local government entities within Teton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Teton 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 Teton's effective property tax rate to other counties in Idaho and the national median. For comparison, the 83455 zip code has the highest median property tax rate of 0.56%, while the 83414 zip code has the lowest median tax rate of 0.56%. Understanding how these cities compare with Teton provides valuable insights into the varying tax landscape across Teton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Teton Tax Rate
0.36%
Average Madison County Tax Rate
0.54%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Teton, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83451 | 0.26% | 0.30% | 0.36% | 0.59% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Teton, Idaho
In Teton, 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 local 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 Teton, 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 Teton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 83451 has the highest median tax bill at $1,075, which contrasts with the national median property tax rate of 0.99%. Knowing these details can significantly aid homeowners in Teton to manage their property tax expenses effectively.
Average Teton Assessed Value
$306,815
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 Teton, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83451 | $26,272 | $118,458 | $306,815 | $388,362 | $524,043 |
Source: Ownwell
Property Tax Bills Across Teton, Idaho
In Teton, Idaho, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. This assessed value is a percentage of the market value of the property. For homeowners in Teton, the median home price is $306,815. The property tax rate in Teton is compared to the national median property tax rate of 0.99%, providing a context for understanding local tax burdens. Several factors influence the final tax bill, including property characteristics, location, and any applicable exemptions. For instance, the tax bill at the 25th percentile is $505, while at the 75th percentile, it rises to $1,890, and at the 90th percentile, it reaches $2,878. These figures illustrate the range of property taxes homeowners might expect to pay, depending on their property's assessed value and specific circumstances. Understanding these factors helps homeowners in Teton anticipate their annual property tax obligations and budget accordingly, ensuring they are prepared for potential fluctuations in their tax bills based on changes in property values or tax rates.
Average Teton Tax Bill
$1,075
Average Madison County Tax Bill
$1,903
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Teton, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83451 | $278 | $505 | $1,075 | $1,890 | $2,878 |
Source: Ownwell