Lowman, Idaho Property Taxes
The median property tax rate in Lowman, Idaho is 0.40%, considerably lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Lowman at $210,180, the typical annual property tax bill reaches $931, significantly below the national median of $2,690. Property taxes in Lowman are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lowman'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 Lowman or another part of Boise County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lowman, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$841
Ownwell’s Lowman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lowman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lowman 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 Lowman, Idaho
Property taxes in Lowman, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lowman is 0.40%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Lowman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lowman 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 Lowman's effective property tax rate to other counties in Idaho and the national median. For comparison, the zip code 83637 has the highest median property tax rate of 0.40%, while the same zip code also has the lowest median tax rate of 0.40%. Understanding how these cities compare with Lowman 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 Lowman Tax Rate
0.40%
Average Boise County Tax Rate
0.30%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lowman, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83637 | 0.25% | 0.36% | 0.40% | 0.45% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Lowman, Idaho
In Lowman, 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 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 Lowman, 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. The median home price in Lowman is $210,180, and the median tax bill is $931, with both the highest and lowest tax bills recorded in the 83637 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lowman Assessed Value
$210,180
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 Lowman, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83637 | $23,568 | $76,948 | $210,180 | $328,844 | $459,788 |
Source: Ownwell
Property Tax Bills Across Lowman, Idaho
Property tax bills in Lowman, located in Boise County, ID, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and is a percentage of the property's market value. For instance, the median home price in Lowman is $210,180. The property tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. The tax bills in Lowman vary significantly, with the 25th percentile at $466 and the 75th percentile reaching $1,303. For those in the 90th percentile, the tax bill can go up to $1,670. Compared to the national median property tax rate of 0.99%, Lowman's rates reflect a diverse range of tax obligations for homeowners. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life.
Average Lowman Tax Bill
$931
Average Boise County Tax Bill
$1,257
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Lowman, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83637 | $296 | $466 | $931 | $1,303 | $1,670 |
Source: Ownwell