Parma, Canyon County, Idaho Property Taxes
The median property tax rate in Parma, Idaho is 0.54%, slightly higher than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Parma at $340,350, the typical annual property tax bill reaches $1,921, which is below the national median of $2,690. Property taxes in Parma 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 Parma'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 Parma 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
Parma, Canyon County, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.54%
Estimate Property Tax Bill
$1,838
$1,706
Ownwell’s Parma Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Parma with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Parma 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 Parma, Canyon County, Idaho
Property taxes in Parma, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Parma is 0.54%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Parma set these rates annually, and they can vary across different neighborhoods. Each year, Parma 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 Parma's effective property tax rate to other areas in Idaho and the national median. For comparison, the zip code 83660 has both the highest and lowest median property tax rate of 0.54%, the same as Parma's rate. Understanding how these cities compare with Parma provides valuable insights into the varying tax landscape across Canyon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Parma Tax Rate
0.54%
Average Canyon County Tax Rate
0.53%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Parma, Canyon County, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83660 | 0.34% | 0.46% | 0.54% | 0.65% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Parma, Canyon County, Idaho
In Parma, 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 Canyon County Assessor's Office 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 Parma, 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 Parma helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills both stand at $1,921 in the zip code 83660, reflecting the uniformity in assessed values in this region.
Property Tax Assessment Values Across Parma, Canyon County, Idaho
Source: Ownwell
$292,880
$546,475
$800,070
Average Parma Assessed Value
$340,350
Average Canyon County Assessed Value
$352,300
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Parma, Canyon County, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83660 | $43,260 | $200,475 | $340,350 | $471,508 | $604,987 |
Source: Ownwell
Property Tax Bills Across Parma, Canyon County, Idaho
In Parma, located in Canyon County, Idaho, property tax bills are determined by several key factors. The tax bill is primarily based on the assessed value of the home, which is a percentage of the property's market value. For instance, with a median home price of $340,350, the assessed value is calculated, and then the local tax rate is applied. The tax rate in Parma can vary, but it ultimately influences the final tax bill. Homeowners in the 25th percentile can expect a tax bill around $1,132, while those in the 75th percentile might see bills closer to $2,649. For the top 10% of homeowners, tax bills can reach up to $3,450. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Parma's tax rates reflect the local economic conditions and funding needs. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Parma Tax Bill
$1,921
Average Canyon County Tax Bill
$1,964
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Parma, Canyon County, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83660 | $195 | $1,132 | $1,921 | $2,649 | $3,450 |
Source: Ownwell