Bennington, Idaho Property Taxes
The median property tax rate in Bennington, Idaho is 0.22%, significantly lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Bennington at $372,622, the typical annual property tax bill is $840, well below the national median of $2,690. Property taxes in Bennington are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bennington'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 Bennington 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
Bennington, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.22%
Estimate Property Tax Bill
$820
Ownwell’s Bennington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bennington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bennington 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 Bennington, Idaho
Property taxes in Bennington, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bennington is 0.22%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Bennington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bennington 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 Bennington'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 Bear Lake County, while the lowest median tax rate in the county is also in Bear Lake County. Understanding how these cities compare with Bennington provides valuable insights into the varying tax landscape across Bear Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bennington Tax Rate
0.22%
Average Bear Lake County Tax Rate
0.36%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bennington, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83254 | 0.22% | 0.22% | 0.22% | 0.23% | 0.23% |
Source: Ownwell
Property Tax Assessment Values Across Bennington, Idaho
In Bennington, 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 Bear Lake 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 Bennington, 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 Bennington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 83254 has both the highest and lowest median tax bill at $840.
Average Bennington Assessed Value
$372,622
Average Bear Lake County Assessed Value
$278,628
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bennington, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83254 | $313,032 | $335,378 | $372,622 | $409,865 | $432,211 |
Source: Ownwell
Property Tax Bills Across Bennington, Idaho
In Bennington, within Bear Lake County, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Bennington experience a range of property tax bills. For instance, the 25th percentile tax bill is around $747, while the 75th percentile tax bill reaches approximately $934. The 90th percentile tax bill stands at about $990. These tax bills are influenced by several factors, including the property's market value, any applicable exemptions, and the local tax rate. With a median home price of $372,622 in the area, the property tax rate plays a crucial role in determining the final tax bill. This financial obligation impacts homeowners by contributing to their annual expenses, and it's essential for them to plan accordingly. Compared to the national median property tax rate of 0.99%, Bennington's property tax rates offer a unique perspective on local fiscal responsibilities.
Average Bennington Tax Bill
$840
Average Bear Lake County Tax Bill
$1,081
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Bennington, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83254 | $691 | $747 | $840 | $934 | $990 |
Source: Ownwell