Downey, Idaho Property Taxes
The median property tax rate in Downey, Idaho is 0.49%, which is lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Downey at $216,478, the typical annual property tax bill amounts to $974, significantly below the national median of $2,690. Property taxes in Downey are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Downey'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 Downey or another part of Bannock County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Downey, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.49%
Estimate Property Tax Bill
$1,061
$984
Ownwell’s Downey Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Downey with just two simple inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Downey to provide an estimated property tax bill. This valuable tool helps you understand potential tax liabilities and plan accordingly. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and may include applicable exemptions.
Property Tax Rates Across Downey, Idaho
Property taxes in Downey, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Downey is 0.49%, which is lower than the U.S. national median of 0.99%. Local government entities within Downey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Downey 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 Downey's effective property tax rate to other counties in Idaho and the national median. For comparison, the zip code 83234 has the highest median property tax rate of 0.49%, while the same zip code also has the lowest median tax rate of 0.49%. Understanding how these cities compare with Downey provides valuable insights into the varying tax landscape across Bannock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Downey Tax Rate
0.49%
Average Bannock County Tax Rate
0.67%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Downey, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83234 | 0.19% | 0.34% | 0.49% | 0.59% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Downey, Idaho
In Downey, 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 Bannock 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 Downey, 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. The median home price in Downey is $216,478, with property tax bills ranging from $570 at the 25th percentile to $2,039 at the 90th percentile. Notably, the highest and lowest median tax bills are both $974 in the 83234 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Downey Assessed Value
$216,478
Average Bannock County Assessed Value
$263,380
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Downey, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83234 | $73,874 | $159,470 | $216,478 | $305,024 | $411,390 |
Source: Ownwell
Property Tax Bills Across Downey, Idaho
In Downey, Bannock County, ID, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The median home price in Downey stands at $216,478, and the property tax rate is applied to this assessed value to calculate the tax bill. Factors such as property size, location, and improvements can influence the assessed value, resulting in varying tax bills for homeowners. For example, the 25th percentile tax bill in Downey is around $570, while the 75th percentile tax bill reaches up to $1,500. The 90th percentile tax bill can go as high as $2,039, reflecting the differences in property values and characteristics. Compared to the national median property tax rate of 0.99%, Downey's tax bills are relatively moderate, providing some relief to homeowners. Understanding these factors helps homeowners anticipate their property tax obligations and plan their finances accordingly.
Average Downey Tax Bill
$974
Average Bannock County Tax Bill
$1,810
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Downey, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83234 | $169 | $570 | $974 | $1,500 | $2,039 |
Source: Ownwell