Ketchum, Idaho Property Taxes
The median property tax rate in Ketchum, ID is 0.36%, significantly lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Ketchum at $1,056,128, the typical annual property tax bill reaches $3,854, which is still higher than the national median of $2,690. Property taxes in Ketchum are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ketchum'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 Ketchum or another part of Blaine County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ketchum, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.36%
Estimate Property Tax Bill
$3,802
Ownwell’s Ketchum Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ketchum with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ketchum 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 Ketchum, Idaho
Property taxes in Ketchum, Idaho, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Ketchum is 0.36%, significantly lower than both the Idaho state median of 0.69% and the U.S. national median of 0.99%. Local government entities within Ketchum set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ketchum 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 Ketchum'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 zip code 83702 with a rate of 0.87%, while the lowest median tax rate is in zip code 83254 at 0.42%. Understanding how these cities compare with Ketchum 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 Ketchum Tax Rate
0.36%
Average Blaine County Tax Rate
0.35%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ketchum, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83340 | 0.27% | 0.31% | 0.36% | 0.42% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Ketchum, Idaho
In Ketchum, 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 Ketchum, 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 Ketchum helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 83340 has both the highest and lowest median tax bills, each at $3,854.
Average Ketchum Assessed Value
$1,056,128
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 Ketchum, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83340 | $285,141 | $530,070 | $1,056,128 | $1,923,334 | $3,552,082 |
Source: Ownwell
Property Tax Bills Across Ketchum, Idaho
In Ketchum, located in Blaine County, ID, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Ketchum, the median home price is $1,056,128, which significantly influences the tax bill. The property tax rate in Ketchum is relatively moderate compared to the national median property tax rate of 0.99%. For example, the 25th percentile tax bill in Ketchum is $2,059, while the 75th percentile tax bill rises to $6,901. At the 90th percentile, the tax bill can go up to $12,247. The consistency in median tax bills across different zip codes, with the highest and lowest median tax bills both being $3,854 in zip code 83340, shows a level of predictability for homeowners. These tax bills can have a substantial impact on homeowners, influencing decisions on property purchases and long-term financial planning.
Average Ketchum Tax Bill
$3,854
Average Blaine County Tax Bill
$2,555
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Ketchum, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83340 | $923 | $2,059 | $3,854 | $6,901 | $12,247 |
Source: Ownwell