East Magic, Idaho Property Taxes
The median property tax rate in East Magic, Idaho 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 East Magic, the typical annual property tax bill is $69, which is well below the national median of $2,690. Property taxes in East Magic are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding East Magic'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 East Magic 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
East Magic, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.41%
Estimate Property Tax Bill
$69
$64
Ownwell’s EAST MAGIC Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in EAST MAGIC with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in EAST MAGIC 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 East Magic, Idaho
Property taxes in East Magic, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in East Magic 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 East Magic set these rates annually, and they can vary significantly across different neighborhoods. Each year, East Magic 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 East Magic's effective property tax rate to other counties in Idaho and the national median. For comparison, the zip code 83313 has both the highest and lowest median property tax rate of 0.41%. Understanding how these cities compare with East Magic provides valuable insights into the varying tax landscape across Blaine County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average East Magic Tax Rate
0.41%
Average Blaine County Tax Rate
0.35%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across East Magic, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83313 | 0.41% | 0.41% | 0.41% | 0.41% | 0.41% |
Source: Ownwell
Property Tax Assessment Values Across East Magic, Idaho
In East Magic, 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 Blaine 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 East Magic, 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 East Magic helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in East Magic is $16,884, with tax bills at the 25th, 75th, and 90th percentiles all at $69.
Average East Magic Assessed Value
$16,884
Average Blaine County Assessed Value
$709,430
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across East Magic, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83313 | $16,884 | $16,884 | $16,884 | $16,884 | $16,884 |
Source: Ownwell
Property Tax Bills Across East Magic, Idaho
In East Magic, Blaine County, ID, property tax bills are calculated based on the assessed value of a property, which is determined by the Blaine County Assessor's Office. This assessed value is a percentage of the property's market value. The property tax rate in East Magic is applied to this assessed value to determine the annual tax bill. For homeowners in East Magic, the median home price is $16,884, significantly lower than the national median property tax rate of 0.99%. Consequently, tax bills in East Magic are relatively modest, with the 25th, 75th, and 90th percentiles all standing at $69. These tax bills are influenced by various factors, including the property's location, size, and any applicable exemptions or deductions. Understanding how these elements contribute to the overall tax bill is crucial for homeowners, as it directly impacts their annual financial planning and long-term investment in their property. Lower property taxes can make homeownership more affordable, but it's important to stay informed about any changes in tax rates or assessed values that may affect future bills.
Average East Magic Tax Bill
$69
Average Blaine County Tax Bill
$2,555
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across East Magic, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83313 | $69 | $69 | $69 | $69 | $69 |
Source: Ownwell