Wayan, Idaho Property Taxes
The median property tax rate in Wayan, Idaho is 0.39%, significantly lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Wayan at $171,530, the typical annual property tax bill is $666, well below the national median of $2,690. Property taxes in Wayan are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Wayan'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 Wayan 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
Wayan, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$669
$621
Ownwell’s WAYAN Property Tax Bill Calculator allows any homeowner, real estate investor, or potential owner to estimate their annual property taxes in WAYAN with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in WAYAN 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 Wayan, Idaho
Property taxes in Wayan, Idaho, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wayan is 0.39%, significantly lower than both the Idaho state median of 0.69% and the U.S. national median of 0.99%. Local government entities within Wayan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wayan 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 Wayan'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 1.07%, while the lowest median tax rate is in zip code 83254, where it stands at 0.29%. Understanding how these cities compare with Wayan 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 Wayan Tax Rate
0.39%
Average Bonneville County Tax Rate
0.46%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wayan, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83285 | 0.22% | 0.36% | 0.39% | 0.46% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Wayan, Idaho
In WAYAN, 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 Bonneville 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 WAYAN, 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 WAYAN helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with the highest and lowest median tax bill is 83285, with a median tax bill of $666.
Average Wayan Assessed Value
$171,530
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 Wayan, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83285 | $29,383 | $49,164 | $171,530 | $264,895 | $395,250 |
Source: Ownwell
Property Tax Bills Across Wayan, Idaho
In Wayan, property tax bills are calculated based on the assessed value of the home and the local tax rate. The median home price in Wayan is $171,530, and property taxes are derived from this assessed value. The tax bill for homeowners can vary significantly; for instance, the 25th percentile tax bill is $181, while the 75th percentile tax bill reaches $1,098, and the 90th percentile tax bill climbs to $1,444. Several factors influence these variations, including property location, improvements, and local tax levies. Homeowners in Wayan may find their property tax bills to be relatively moderate compared to the national median property tax rate of 0.99%. However, the financial impact on homeowners can still be substantial, particularly for those in higher percentile brackets. Understanding these factors can help homeowners anticipate their tax obligations and better manage their finances throughout the year.
Average Wayan Tax Bill
$666
Average Bonneville County Tax Bill
$1,646
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Wayan, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83285 | $133 | $181 | $666 | $1,098 | $1,444 |
Source: Ownwell