Spirit Lake, Idaho Property Taxes
The median property tax rate in Spirit Lake, ID is 0.26%, significantly lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Spirit Lake at $416,534, the typical annual property tax bill comes to $1,164, well below the national median of $2,690. Property taxes in Spirit Lake are calculated based on the assessed value, which typically falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Spirit 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 Spirit 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
Spirit Lake, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.26%
Estimate Property Tax Bill
$1,083
Ownwell’s Spirit Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spirit Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spirit 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 Spirit Lake, Idaho
Property taxes in Spirit Lake, Idaho, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spirit Lake is 0.26%, significantly lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Spirit Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spirit 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 Spirit 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 found in zip code 83702 with a rate of 1.25%, while the lowest median tax rate is in zip code 83254 with a rate of 0.18%. Understanding how these cities compare with Spirit 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 Spirit Lake Tax Rate
0.26%
Average Bonner County Tax Rate
0.34%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spirit Lake, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83869 | 0.22% | 0.24% | 0.26% | 0.36% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Spirit Lake, Idaho
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Spirit Lake, Idaho. 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 Spirit 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. In Spirit Lake, the zip code 83869 has both the highest and lowest median tax bill at $1,164. By being aware of these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Spirit Lake Assessed Value
$416,534
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 Spirit Lake, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83869 | $55,008 | $257,383 | $416,534 | $593,046 | $788,212 |
Source: Ownwell
Property Tax Bills Across Spirit Lake, Idaho
In Spirit Lake, located in Bonner County, ID, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Spirit Lake is $416,534, which influences the tax bill significantly. Several factors are considered in determining the assessed value, including the property's location, size, and condition. Homeowners in Spirit Lake can expect their tax bills to vary, with the 25th percentile at $705 and the 75th percentile at $1,662. For those in the 90th percentile, the tax bill can reach up to $2,158. Compared to the national median property tax rate of 0.99%, Spirit Lake's tax rates are reflective of both the local economy and property values. These property taxes are essential for funding local services such as schools, infrastructure, and emergency services, directly impacting homeowners and their community.
Average Spirit Lake Tax Bill
$1,164
Average Bonner County Tax Bill
$1,672
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Spirit Lake, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83869 | $269 | $705 | $1,164 | $1,662 | $2,158 |
Source: Ownwell