Hope, Idaho Property Taxes
The median property tax rate in Hope, ID 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 Hope at $570,464, the typical annual property tax bill reaches $2,239, which is below the national median of $2,690. Property taxes in Hope 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 Hope'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 Hope 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
Hope, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$2,282
Ownwell’s HOPE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in HOPE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in HOPE 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 Hope, Idaho
Property taxes in Hope, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hope is 0.40%, which is significantly lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Hope set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hope 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 Hope'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 83864 with a rate of 0.75%, while the lowest median tax rate is in zip code 83836 at 0.35%. Understanding how these cities compare with Hope provides valuable insights into the varying tax landscape across Bonner County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hope Tax Rate
0.40%
Average Bonner County Tax Rate
0.34%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hope, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83836 | 0.29% | 0.32% | 0.40% | 0.47% | 0.51% |
Source: Ownwell
Property Tax Assessment Values Across Hope, Idaho
In Hope, Idaho, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value reflects 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 Bonner 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 Hope, 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 Hope helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 83836 has the highest and lowest median tax bill at $2,239.
Average Hope Assessed Value
$570,464
Average Bonner County Assessed Value
$479,353
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hope, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83836 | $260,033 | $403,549 | $570,464 | $1,045,441 | $1,826,224 |
Source: Ownwell
Property Tax Bills Across Hope, Idaho
In Hope, located in Bonner County, ID, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor and is a percentage of the property's market value. Factors such as the property's size, location, and condition are considered during the assessment. Homeowners in Hope face varying property tax bills, which can significantly impact their finances. For instance, the tax bill at the 25th percentile is around $1,382, while the 75th percentile tax bill is approximately $4,180. At the 90th percentile, the tax bill can reach up to $7,230. Comparatively, the national median property tax rate is 0.99%, making Hope's property tax scenario relatively moderate. The highest and lowest median tax bills in Hope are both $2,239, indicating a consistent tax rate within the area. These tax bills contribute to local services such as schools, infrastructure, and emergency services, directly affecting the quality of life for residents.
Average Hope Tax Bill
$2,239
Average Bonner County Tax Bill
$1,672
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Hope, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83836 | $858 | $1,382 | $2,239 | $4,180 | $7,230 |
Source: Ownwell