Shoshone, Idaho Property Taxes
The median property tax rate in Shoshone, ID is 0.31%, significantly lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Shoshone, the typical annual property tax bill comes to $642, well below the national median of $2,690. Property taxes in Shoshone 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 Shoshone'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 Shoshone 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
Shoshone, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.31%
Estimate Property Tax Bill
$788
$732
Ownwell’s Shoshone Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shoshone with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shoshone 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 Shoshone, Idaho
Property taxes in Shoshone, Idaho, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Shoshone is 0.48%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Shoshone set these rates annually, leading to variations across different neighborhoods. Each year, Shoshone estimates its required budget to maintain services for the upcoming fiscal year. This budget is then divided 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. For comparison, 83333 has the highest median property tax rate of 0.52%, while 83347 has the lowest median tax rate of 0.48%. Understanding how these cities compare with Shoshone 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 Shoshone Tax Rate
0.31%
Average Blaine County Tax Rate
0.35%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shoshone, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83352 | 0.21% | 0.25% | 0.31% | 0.36% | 0.37% |
Source: Ownwell
Property Tax Assessment Values Across Shoshone, Idaho
In Shoshone, 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 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 Shoshone, 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 Shoshone helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Shoshone is $254,308, with tax bills ranging from $528 at the 25th percentile to $1666 at the 90th percentile. The zip code 83352 has the highest and lowest median tax bills at $642.
Average Shoshone Assessed Value
$254,308
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 Shoshone, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83352 | $83,560 | $168,601 | $254,308 | $368,219 | $632,178 |
Source: Ownwell
Property Tax Bills Across Shoshone, Idaho
In Shoshone, located in Blaine County, ID, property tax bills are calculated based on the assessed value of your home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $254,308, homeowners can expect their property tax bills to vary significantly. The tax bill at the 25th percentile is around $528, while at the 75th percentile, it rises to approximately $1,001. At the 90th percentile, homeowners might see a tax bill as high as $1,666. These figures provide a range of what homeowners might expect to pay, highlighting the variability based on property value and specific assessments. When compared to the national median property tax rate of 0.99%, Shoshone’s property tax rates offer a unique perspective on how local taxes can impact homeowners differently. Understanding these factors can help homeowners anticipate their financial obligations and plan accordingly.
Average Shoshone Tax Bill
$642
Average Blaine County Tax Bill
$2,555
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Shoshone, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83352 | $308 | $528 | $642 | $1,001 | $1,666 |
Source: Ownwell