Victor, Idaho Property Taxes
The median property tax rate in Victor, Idaho 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 Victor at $736,656, the typical annual property tax bill reaches $2,661, which is below the national median of $2,690. Property taxes in Victor are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Victor'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 Victor or another part of Teton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Victor, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.36%
Estimate Property Tax Bill
$2,652
Ownwell’s VICTOR Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in VICTOR with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in VICTOR 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 Victor, Idaho
Property taxes in Victor, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Victor is 0.36%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Victor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Victor 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 Victor's effective property tax rate to other counties in Idaho and the national median. Understanding how Victor's property tax rate compares with other areas 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 regions.
Average Victor Tax Rate
0.36%
Average Teton County Tax Rate
0.36%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Victor, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83455 | 0.27% | 0.29% | 0.36% | 0.38% | 0.46% |
Source: Ownwell
Property Tax Assessment Values Across Victor, Idaho
In Victor, 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 Teton 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 Victor, 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 Victor 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 $2,661, found in the 83455 zip code.
Average Victor Assessed Value
$736,656
Average Teton County Assessed Value
$706,618
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Victor, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83455 | $353,720 | $558,774 | $736,656 | $1,008,230 | $1,535,440 |
Source: Ownwell
Property Tax Bills Across Victor, Idaho
In VICTOR, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. The median home price in VICTOR is $736,656, which provides a benchmark for understanding local tax burdens. Several factors influence the tax bill, including the property's size, location, and any improvements made. Homeowners in VICTOR can expect their tax bills to fall within a range, with the 25th percentile at $1,853 and the 75th percentile at $3,525. For those in the 90th percentile, tax bills can reach up to $5,250. Comparatively, the national median property tax rate is 0.99%, and VICTOR's rates reflect local economic conditions and funding needs. These tax bills significantly impact homeowners, influencing decisions on purchasing, selling, and maintaining properties. Understanding these calculations helps homeowners plan their finances better and anticipate future expenses.
Average Victor Tax Bill
$2,661
Average Teton County Tax Bill
$2,496
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Victor, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83455 | $1,172 | $1,853 | $2,661 | $3,525 | $5,250 |
Source: Ownwell