Wayan, Idaho Property Taxes
The median property tax rate in Wayan, Idaho is 0.53%, slightly above the state median of 0.50% but lower than the national median of 0.99%. With the median home value in Wayan at $270,363, the typical annual property tax bill is $1,207, significantly less than 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 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
0.53%
Estimate Property Tax Bill
$1,433
Ownwell’s WAYAN Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers 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 0.53%, lower than both the Idaho state median 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 83285 zip code has the highest median property tax rate of 0.53%, while the 83285 zip code also has the lowest median tax rate of 0.53%. Understanding how these cities compare with Wayan provides valuable insights into the varying tax landscape across Caribou County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wayan Tax Rate
0.53%
Average Caribou County Tax Rate
0.73%
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 | 0.23% | 0.28% | 0.53% | 0.54% | 0.57% |
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 Caribou 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 median home price in WAYAN is $270,363, with annual tax bills ranging from $329 at the 25th percentile to $3,278 at the 90th percentile. The zip code 83285 has both the highest and lowest median tax bill at $1,207.
Average Wayan Assessed Value
$270,363
Average Caribou County Assessed Value
$58,764
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 | $35,050 | $122,386 | $270,363 | $321,925 | $652,215 |
Source: Ownwell
Property Tax Bills Across Wayan, Idaho
Property tax bills in Wayan, located in Caribou County, ID, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the tax bill. Factors such as property size, location, and improvements can influence the assessed value, and consequently, the tax bill. In Wayan, the median home price stands at $270,363. Homeowners in the 25th percentile of tax bills pay around $329, while those in the 75th percentile pay approximately $1,688. For the top 10% of property tax bills, homeowners may pay up to $3,278. These figures highlight the range of property tax burdens within the city, which can significantly impact household budgets. Compared to the national median property tax rate of 0.99%, Wayan's tax rates and resulting bills reflect the local economic conditions and property values.
Average Wayan Tax Bill
$1,207
Average Caribou County Tax Bill
$502
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 | $138 | $329 | $1,207 | $1,688 | $3,278 |
Source: Ownwell