Banks, Idaho Property Taxes
The median property tax rate in Banks, Idaho is 0.36%, significantly lower than both the national median of 0.99% and the Idaho state median of 0.50%. With a median home value of $227,113 in Banks, the typical annual property tax bill is approximately $1,085, which is much less than the national median of $2,690. Property taxes in Banks are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Banks' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Banks or another part of the city, a thorough grasp of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Banks, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.36%
Estimate Property Tax Bill
$818
$759
Ownwell’s Banks Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Banks with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Banks 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 Banks, Idaho
Property taxes in Banks, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Banks is 0.36%, significantly lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Banks set these rates annually, and they can vary significantly across different neighborhoods. Each year, Banks 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 Banks' effective property tax rate to other counties in Idaho and the national median. For comparison, the highest median property tax rate in the region is 0.54%, while the lowest median tax rate is 0.24%. Understanding how these cities compare with Banks provides valuable insights into the varying tax landscape across Boise County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Banks Tax Rate
0.36%
Average Boise County Tax Rate
0.30%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Banks, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83602 | 0.27% | 0.31% | 0.36% | 0.39% | 0.41% |
Source: Ownwell
Property Tax Assessment Values Across Banks, Idaho
In Banks, 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 Boise 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 Banks, 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 Banks helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 83602, with a median tax bill of $1085.
Average Banks Assessed Value
$227,113
Average Boise County Assessed Value
$366,025
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Banks, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83602 | $57,940 | $179,910 | $227,113 | $507,632 | $575,318 |
Source: Ownwell
Property Tax Bills Across Banks, Idaho
In Banks, property tax bills are calculated based on the assessed value of your home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine your annual tax bill. The median home price in Banks is $227,113, and the property tax rate is influenced by various local factors, including school funding, infrastructure needs, and public services. Homeowners in Banks can expect their tax bills to vary widely. For instance, the 25th percentile tax bill is $704, while those in the 75th percentile can expect to pay around $1,784. At the 90th percentile, the tax bill can go up to $2,146. These figures indicate a significant range in property tax obligations, reflecting differences in property values and local tax rates. Compared to the national median property tax rate of 0.99%, Banks offers a competitive landscape for property taxes, potentially making it an attractive location for homeowners looking for manageable tax obligations.
Average Banks Tax Bill
$1,085
Average Boise County Tax Bill
$1,257
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Banks, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83602 | $640 | $704 | $1,085 | $1,784 | $2,146 |
Source: Ownwell