Soda Springs, Idaho Property Taxes
The median property tax rate in Soda Springs, ID is 0.27%, significantly lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Soda Springs at $359,483, the typical annual property tax bill is $999, well below the national median of $2,690. Property taxes in Soda Springs are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Soda Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Soda Springs 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
Soda Springs, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.27%
Estimate Property Tax Bill
$971
Ownwell’s SODA SPRINGS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SODA SPRINGS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SODA SPRINGS 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 Soda Springs, Idaho
Property taxes in Soda Springs, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Soda Springs is 0.27%, significantly lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Soda Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Soda Springs 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 Soda Springs' 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 83201 with a rate of 1.25%, while the lowest median tax rate is in 83254 at 0.22%. Understanding how these cities compare with Soda Springs 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 Soda Springs Tax Rate
0.27%
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 Soda Springs, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83276 | 0.25% | 0.26% | 0.27% | 0.39% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Soda Springs, Idaho
In Soda Springs, 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 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 Soda Springs, 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 Soda Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Soda Springs Assessed Value
$359,483
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 Soda Springs, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83276 | $141,296 | $290,562 | $359,483 | $446,264 | $561,665 |
Source: Ownwell
Property Tax Bills Across Soda Springs, Idaho
In Soda Springs, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. Local tax authorities determine this assessed value and apply the relevant tax rate to calculate the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition, as well as recent sales of similar properties in the area. Homeowners in Soda Springs can expect varying tax bills. For example, the 25th percentile tax bill is around $746, while the 75th percentile tax bill is $1,282. At the higher end, the 90th percentile tax bill reaches $1,951. These figures reflect the range of property values and the corresponding tax burdens homeowners face. Comparatively, Soda Springs' property tax rate offers some relief when juxtaposed with the national median property tax rate of 0.99%. This can make homeownership more affordable in this region, although individual tax bills can still vary significantly based on the specific characteristics and assessed value of each property.
Average Soda Springs Tax Bill
$999
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 Soda Springs, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83276 | $601 | $746 | $999 | $1,282 | $1,951 |
Source: Ownwell