Priest Lake, Idaho Property Taxes
The median property tax rate in Priest Lake, ID is 0.29%, significantly lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Priest Lake at $493,272, the typical annual property tax bill amounts to $1,368, which is well below the national median of $2,690. Property taxes in Priest Lake 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 Priest Lake'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 Priest Lake 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
Priest Lake, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.29%
Estimate Property Tax Bill
$1,430
Ownwell’s Priest Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Priest Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Priest Lake 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 Priest Lake, Idaho
Property taxes in Priest Lake, Idaho, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Priest Lake is 0.29%, significantly lower than both the Idaho state median of 0.69% and the U.S. national median of 0.99%. Local government entities within Priest Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Priest Lake 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 Priest Lake'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 1.03%, while the lowest median tax rate is 0.29%. Understanding how these cities compare with Priest Lake 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 Priest Lake Tax Rate
0.29%
Average Bonner County Tax Rate
0.34%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Priest Lake, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83856 | 0.19% | 0.24% | 0.29% | 0.31% | 0.34% |
Source: Ownwell
Property Tax Assessment Values Across Priest Lake, Idaho
In Priest Lake, 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 Priest Lake, 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 Priest Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,368, found in the 83856 zip code.
Average Priest Lake Assessed Value
$493,272
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 Priest Lake, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83856 | $213,570 | $377,547 | $493,272 | $701,036 | $1,033,035 |
Source: Ownwell
Property Tax Bills Across Priest Lake, Idaho
Property tax bills in Priest Lake, Bonner County, ID, are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. In Bonner County, the tax rate and assessed values are influenced by various factors, including property location, market conditions, and any applicable exemptions. For homeowners in Priest Lake, the median home price is $493,272. Property tax bills can vary significantly, with the 25th percentile tax bill at $941 and the 75th percentile at $1914. At the higher end, the 90th percentile tax bill reaches $2768. Comparatively, the highest and lowest median tax bills in the area are both $1368, indicating consistency within the zip code 83856. These property taxes impact homeowners by contributing to local services and infrastructure, but they also represent a significant annual expense that must be budgeted for.
Average Priest Lake Tax Bill
$1,368
Average Bonner County Tax Bill
$1,672
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Priest Lake, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83856 | $580 | $941 | $1,368 | $1,914 | $2,768 |
Source: Ownwell