Thornton, Idaho Property Taxes
The median property tax rate in Thornton, Idaho is 0.95%, slightly below the national median of 0.99% yet significantly higher than Idaho's state median of 0.50%. With a median home value of $340,398 in Thornton, the typical annual property tax bill reaches $3,244, surpassing the national median of $2,690. Property taxes in Thornton are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Thornton's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Thornton 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
Thornton, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$3,234
$3,001
Ownwell’s Thornton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thornton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thornton 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 Thornton, Idaho
Property taxes in Thornton, Idaho, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Thornton is 0.95%, slightly below the U.S. national median of 0.99%. Local government entities within Thornton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thornton 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 Thornton's effective property tax rate to other areas in Idaho and the national median. For comparison, the 80602 zip code has both the highest and lowest median property tax rate of 0.95%. Understanding how these areas compare with Thornton provides valuable insights into the varying tax landscape across Bonneville County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Thornton Tax Rate
0.95%
Average Bonneville County Tax Rate
0.46%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thornton, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80602 | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Thornton, Idaho
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Thornton, 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 Bonneville County Appraisal District 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 Thornton, 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. The zip code with the highest and lowest median tax bill in Thornton is 80602, with a median tax bill of $3,244. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Thornton Assessed Value
$340,398
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 Thornton, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80602 | $340,398 | $340,398 | $340,398 | $340,398 | $340,398 |
Source: Ownwell
Property Tax Bills Across Thornton, Idaho
In Thornton, located in Bonneville County, ID, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is typically a percentage of the market value of the property. Homeowners in Thornton face a median property tax bill of $3,244, which is significantly higher than the national median property tax rate of 0.99%. This high tax bill can be attributed to the relatively high median home price of $340,398 in the area. Several factors influence the final tax bill, including the property's location, market conditions, and any applicable exemptions or deductions. Local levies and budgetary needs of public services such as schools, emergency services, and infrastructure also play a crucial role in determining the rate. Homeowners should be aware of these factors as they can significantly impact their annual financial obligations. Understanding how these elements interact helps residents anticipate and manage their property tax responsibilities more effectively.
Average Thornton Tax Bill
$3,244
Average Bonneville County Tax Bill
$1,646
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Thornton, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80602 | $3,244 | $3,244 | $3,244 | $3,244 | $3,244 |
Source: Ownwell