Oldtown, Idaho Property Taxes
The median property tax rate in Oldtown, Idaho is 0.23%, significantly lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Oldtown, the typical annual property tax bill reaches $811, well below the national median of $2,690. Property taxes in Oldtown 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 Oldtown'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 Oldtown 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
Oldtown, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.23%
Estimate Property Tax Bill
$765
Ownwell’s Oldtown Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Oldtown. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Oldtown to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities effectively. For those interested in more granular details, localized trends at the neighborhood level can be explored further down the page. Your property’s assessed value is determined by Bonner County for tax calculation purposes, taking into account any applicable exemptions.
Property Tax Rates Across Oldtown, Idaho
Property taxes in Oldtown, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oldtown is 0.23%, significantly lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Oldtown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oldtown 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. Understanding how these rates are determined can help homeowners in Oldtown gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oldtown Tax Rate
0.23%
Average Bonner County Tax Rate
0.34%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oldtown, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83822 | 0.17% | 0.21% | 0.23% | 0.34% | 0.52% |
Source: Ownwell
Property Tax Assessment Values Across Oldtown, Idaho
In Oldtown, 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 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 Oldtown, 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 Oldtown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $811 in the 83822 zip code, while the lowest median tax bill is also $811 in the same zip code.
Average Oldtown Assessed Value
$332,395
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 Oldtown, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83822 | $57,581 | $199,342 | $332,395 | $471,636 | $620,905 |
Source: Ownwell
Property Tax Bills Across Oldtown, Idaho
Property tax bills in Oldtown, located in Bonner County, Idaho, are calculated based on the assessed value of a property and the applicable tax rate. The median home price in Oldtown is $332,395. The tax rate is applied to this assessed value to determine the annual property tax bill. Key factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. For homeowners in Oldtown, property tax bills can vary significantly. The 25th percentile tax bill is $424, while the 75th percentile tax bill reaches $1,187. At the 90th percentile, homeowners might see a tax bill as high as $1,635. These variations illustrate the impact of differing property values and potential exemptions. Comparatively, Oldtown's property tax rates are relatively moderate when contrasted with the national median property tax rate of 0.99%. This makes Oldtown an appealing location for homeowners looking for a balance between property value and tax liability.
Average Oldtown Tax Bill
$811
Average Bonner County Tax Bill
$1,672
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Oldtown, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83822 | $234 | $424 | $811 | $1,187 | $1,635 |
Source: Ownwell