Inkom, Idaho Property Taxes
The median property tax rate in Inkom, ID is 0.41%, significantly lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Inkom at $243,671, the typical annual property tax bill amounts to $991, well below the national median of $2,690. Property taxes in Inkom are calculated based on the tax assessed value, which often falls below the market value thanks to various exemptions like the primary residence and agricultural exemptions. Understanding Inkom'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 Inkom or another part of Bannock County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Inkom, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.41%
Estimate Property Tax Bill
$999
Ownwell’s Inkom Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Inkom with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Inkom 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 Inkom, Idaho
Property taxes in Inkom, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Inkom is 0.41%, which is significantly lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Inkom set these rates annually, and they can vary across different neighborhoods. Each year, Inkom 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 Inkom's effective property tax rate to other counties in Idaho and the national median. For comparison, the zip code 83245 has both the highest and lowest median property tax rate of 0.41%. Understanding how these cities compare with Inkom 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 Inkom Tax Rate
0.41%
Average Bannock County Tax Rate
0.67%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Inkom, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83245 | 0.21% | 0.23% | 0.41% | 0.55% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Inkom, Idaho
In Inkom, 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 Assessor 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 Inkom, 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 Inkom helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Inkom is $243,671, with tax bills ranging from $155 at the 25th percentile to $3,167 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 83245, at $991.
Average Inkom Assessed Value
$243,671
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 Inkom, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83245 | $5,000 | $58,850 | $243,671 | $424,124 | $619,640 |
Source: Ownwell
Property Tax Bills Across Inkom, Idaho
Property tax bills in Inkom, located in Bannock County, Idaho, are determined by assessing the value of a property and applying the local tax rate to this assessed value. The assessed value is typically a percentage of the property's market value, which is influenced by factors such as the property's location, size, and condition. In Bannock County, the median home price is $243,671. Property tax bills can vary significantly; for example, the 25th percentile tax bill is $155, while the 75th percentile tax bill reaches $1,891, and the 90th percentile is $3,167. Homeowners in Inkom are affected by these property taxes as they contribute to local services such as schools, infrastructure, and emergency services. Although the highest and lowest median tax bills in the area are both $991, this figure is still below the national median property tax rate of 0.99%. Understanding these factors can help homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Inkom Tax Bill
$991
Average Bannock County Tax Bill
$1,810
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Inkom, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83245 | $10 | $155 | $991 | $1,891 | $3,167 |
Source: Ownwell