Twin Falls, Idaho Property Taxes
The median property tax rate in Twin Falls, ID is 0.53%, slightly higher than the Idaho state median of 0.50% but still below the national median of 0.99%. With a median home value of $316,390 in Twin Falls, the typical annual property tax bill amounts to $1,879, which is significantly lower than the national median of $2,690. Property taxes in Twin Falls are calculated based on the tax assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Twin Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Twin Falls or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Twin Falls, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$1,677
Ownwell’s Twin Falls Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Twin Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Twin Falls 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 Twin Falls, Idaho
Property taxes in Twin Falls, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Twin Falls is 0.53%, which is lower than the U.S. national median of 0.99%. Local government entities within Twin Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Twin Falls 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 Twin Falls' effective property tax rate to other counties in Idaho and the national median. For comparison, the zip code 83301 has the highest median property tax rate of 0.53%, while the same zip code also has the lowest median tax rate of 0.53%. Understanding how these cities compare with Twin Falls provides valuable insights into the varying tax landscape across Twin Falls County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Twin Falls Tax Rate
0.53%
Average Twin Falls County Tax Rate
0.51%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Twin Falls, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83301 | 0.40% | 0.43% | 0.53% | 0.67% | 1.05% |
| 83302 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Twin Falls, Idaho
In Twin Falls, 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 Twin Falls 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 Twin Falls, 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 Twin Falls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Twin Falls is $316,390, with tax bills ranging from $1,300 at the 25th percentile to $3,742 at the 90th percentile. The zip code 83301 has both the highest and lowest median tax bill at $1,879.
Average Twin Falls Assessed Value
$316,390
Average Twin Falls County Assessed Value
$313,924
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Twin Falls, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83301 | $165,957 | $242,463 | $316,398 | $412,072 | $550,623 |
| 83302 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Twin Falls, Idaho
In Twin Falls, ID, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is a percentage of the property's market value. Homeowners in Twin Falls can expect their property tax bills to vary significantly depending on the value of their property. For instance, the 25th percentile tax bill is around $1,300, while the 75th percentile tax bill is approximately $2,810, and those in the 90th percentile face bills as high as $3,742. The median home price in Twin Falls is $316,390, and the property tax rate is influenced by local government budgets and the required revenue for public services. Compared to the national median property tax rate of 0.99%, Twin Falls residents experience a range of tax bills, with the median tax bill in the 83301 zip code being $1,879. These property taxes are crucial for funding essential community services like schools, infrastructure, and emergency services, directly affecting the quality of life for homeowners.
Average Twin Falls Tax Bill
$1,879
Average Twin Falls County Tax Bill
$1,816
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Twin Falls, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83301 | $872 | $1,300 | $1,879 | $2,810 | $3,742 |
| 83302 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell