Parma, Idaho Property Taxes
The median property tax rate in Parma, Idaho is 0.26%, significantly lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Parma, the typical annual property tax bill reaches $1,180, well below the national median of $2,690. Property taxes in Parma 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 Parma'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 Parma 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
Parma, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.26%
Estimate Property Tax Bill
$1,125
Ownwell’s Parma Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Parma. By simply entering your property's estimated assessed value, our calculator uses the median tax rate in Parma to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of your potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed insights, you can explore neighborhood-level trends by scrolling down. Remember, your property’s assessed value is determined by the county and takes into account any applicable exemptions.
Property Tax Rates Across Parma, Idaho
Property taxes in Parma, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Parma is 0.26%, significantly lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Parma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Parma 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 Parma's effective property tax rate to other counties in Idaho and the national median. For comparison, the highest median property tax rate in Idaho is found in zip code 83702, with a rate of 1.25%, while the lowest median tax rate is in zip code 83201, at 0.19%. Understanding how these cities compare with Parma provides valuable insights into the varying tax landscape across Payette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Parma Tax Rate
0.26%
Average Payette County Tax Rate
0.33%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Parma, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83660 | 0.20% | 0.23% | 0.26% | 0.38% | 0.42% |
Source: Ownwell
Property Tax Assessment Values Across Parma, Idaho
In Parma, 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 Payette County 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 Parma, 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 Parma helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,180 in the 83660 zip code, reflecting the uniformity in tax assessments within this region.
Average Parma Assessed Value
$432,593
Average Payette County Assessed Value
$332,995
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Parma, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83660 | $242,580 | $320,782 | $432,593 | $607,014 | $798,974 |
Source: Ownwell
Property Tax Bills Across Parma, Idaho
In Parma, Payette County, Idaho, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor's office. The assessed value is a percentage of the market value of the property. Homeowners in Parma can expect median property tax rates to be significantly lower than the national median of 0.99%. The median home price in Parma is $432,593, and the tax bill varies widely depending on the specific property and its assessed value. For instance, homeowners in the 25th percentile can expect a tax bill of around $763, while those in the 75th percentile might see a bill closer to $1781. At the 90th percentile, property tax bills can reach up to $2427. The highest and lowest median tax bills in the area are both $1180, which is relatively moderate compared to national figures. These tax bills directly impact homeowners by influencing their annual expenses and the overall affordability of owning property in Parma.
Average Parma Tax Bill
$1,180
Average Payette County Tax Bill
$1,100
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Parma, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83660 | $355 | $763 | $1,180 | $1,781 | $2,427 |
Source: Ownwell