Fernwood, Benewah County, Idaho Property Taxes
The median property tax rate in Fernwood, Idaho is 0.56%, slightly above the state median of 0.50% but still lower than the national median of 0.99%. With a median home value of $95,890 in Fernwood, the typical annual property tax bill comes to $494, significantly below the national median of $2,690. Property taxes in Fernwood are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Fernwood'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 Fernwood or another part of Benewah County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fernwood, Benewah County, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$537
$498
Ownwell’s Fernwood Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Fernwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fernwood to provide an estimate of your yearly property tax bill. This valuable tool aids in understanding potential tax liabilities, ensuring you are well-prepared for any financial obligations. For those interested in more granular insights, you can explore neighborhood-level trends by scrolling down for localized information. Your property’s assessed value is determined by the county for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Fernwood, Benewah County, Idaho
Property taxes in Fernwood, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fernwood is 0.56%, which is lower than the U.S. national median of 0.99%. Local government entities within Fernwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fernwood 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 Fernwood's effective property tax rate to other counties in Idaho and the national median. For comparison, the 83830 zip code has the highest median property tax rate of 0.56%, while the same zip code also has the lowest median tax rate of 0.56%. Understanding how these cities compare with Fernwood provides valuable insights into the varying tax landscape across Benewah County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fernwood Tax Rate
0.56%
Average Benewah County Tax Rate
0.47%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fernwood, Benewah County, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83830 | 0.21% | 0.36% | 0.56% | 0.75% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across Fernwood, Benewah County, Idaho
In Fernwood, 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 Benewah 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 Fernwood, 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. For instance, the median home price in Fernwood is $95,890, with tax bills ranging from $214 at the 25th percentile to $1,205 at the 90th percentile. The zip code with the highest and lowest median tax bill is 83830, both at $494. 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 Fernwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Fernwood, Benewah County, Idaho
Source: Ownwell
$95,890
$144,852
$193,814
Average Fernwood Assessed Value
$95,890
Average Benewah County Assessed Value
$164,078
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fernwood, Benewah County, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83830 | $6,502 | $30,100 | $95,890 | $181,976 | $267,791 |
Source: Ownwell
Property Tax Bills Across Fernwood, Benewah County, Idaho
In Fernwood, property tax bills are calculated based on the assessed value of the property, which is determined by local assessors. The median home price in Fernwood is $95,890. Property taxes are then applied to this assessed value using the local tax rate. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. For homeowners in Fernwood, tax bills can vary significantly. The tax bill for the 25th percentile is $214, while the 75th percentile sees a tax bill of $824. At the 90th percentile, homeowners pay approximately $1,205. These variations illustrate how different factors can affect the total amount owed. Compared to the national median property tax rate of 0.99%, Fernwood's tax rates are relatively moderate, offering some relief to homeowners. However, understanding how these taxes are calculated and the factors involved can help homeowners better anticipate their annual property tax obligations.
Average Fernwood Tax Bill
$494
Average Benewah County Tax Bill
$762
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Fernwood, Benewah County, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83830 | $123 | $214 | $494 | $824 | $1,205 |
Source: Ownwell