Meridian, Idaho Property Taxes
The median property tax rate in Meridian, ID is 1.10%, considerably higher than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Meridian at $616,542, the typical annual property tax bill reaches $6,752, exceeding the national median of $2,690. Property taxes in Meridian 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 Meridian'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 Meridian 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
Meridian, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$6,782
Ownwell’s Meridian Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Meridian with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Meridian to estimate your property tax bill. This valuable tool aids in understanding potential tax liabilities. If you’re keen on observing trends at a neighborhood level, scroll down to discover more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Meridian, Idaho
Property taxes in Meridian, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Meridian is 1.10%, which is higher than the U.S. national median of 0.99%. Local government entities within Meridian set these rates annually, and they can vary significantly across different neighborhoods. Each year, Meridian 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 Meridian's effective property tax rate to other counties in Idaho and the national median. For comparison, the 83642 zip code has both the highest and lowest median property tax rate of 1.10%. Understanding how these cities compare with Meridian provides valuable insights into the varying tax landscape across Ada County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Meridian Tax Rate
1.10%
Average Bonneville County Tax Rate
0.46%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Meridian, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83642 | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Meridian, Idaho
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Meridian, Idaho. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. Bonneville County assesses this value 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. This assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Meridian, 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. The median home price in Meridian is $616,542, with tax bills ranging widely. The highest median tax bill is $6,752 in the 83642 zip code, which is also the lowest median tax bill. Understanding these valuation concepts helps property owners navigate their tax responsibilities and identify opportunities to protest assessments or apply for exemptions to manage their tax burden effectively.
Average Meridian Assessed Value
$616,542
Average Bonneville County Assessed Value
$349,759
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Meridian, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83642 | $616,542 | $616,542 | $616,542 | $616,542 | $616,542 |
Source: Ownwell
Property Tax Bills Across Meridian, Idaho
Property tax bills in Meridian, ID, located in Bonneville County, are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is a percentage of the market value of the home. The median home price in Meridian is $616,542, which plays a significant role in determining the tax bill. Local tax rates are then applied to this assessed value to calculate the annual property tax bill. One of the key factors influencing the property tax bill is the local tax rate, which is applied uniformly across properties. In Meridian, the median property tax bill is $6,752, which is considerably higher than the national median property tax rate of 0.99%. This higher tax bill can have a significant impact on homeowners, affecting their overall housing costs and financial planning. Understanding these factors can help homeowners better anticipate and manage their annual property tax obligations.
Average Meridian Tax Bill
$6,752
Average Bonneville County Tax Bill
$1,646
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Meridian, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83642 | $6,752 | $6,752 | $6,752 | $6,752 | $6,752 |
Source: Ownwell