Mountain Home, Elmore County, Idaho Property Taxes
The median property tax rate in Mountain Home, ID is 0.50%, matching the state median but notably lower than the national median of 0.99%. With the median home value in Mountain Home at $291,026, the typical annual property tax bill amounts to $1,343, which is significantly below the national median of $2,690. Property taxes in Mountain Home 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 Mountain Home'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 Mountain Home 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
Mountain Home, Elmore County, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$1,455
$1,350
Ownwell’s Mountain Home Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mountain Home with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mountain Home 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 Mountain Home, Elmore County, Idaho
Property taxes in Mountain Home, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mountain Home is 0.50%, which is lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Mountain Home set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mountain Home 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 Mountain Home's effective property tax rate to other counties in Idaho and the national median. For comparison, the 83647 zip code has the highest median property tax rate of 0.50%, while the same zip code also has the lowest median tax rate of 0.50%. Understanding how these figures compare with Mountain Home provides valuable insights into the varying tax landscape across Elmore County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mountain Home Tax Rate
0.50%
Average Elmore County Tax Rate
0.50%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mountain Home, Elmore County, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83647 | 0.24% | 0.40% | 0.50% | 0.71% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Mountain Home, Elmore County, Idaho
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Mountain Home, 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 Elmore 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 Mountain Home, 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 Mountain Home is $291,026, with tax bills ranging from $634 at the 25th percentile to $2,768 at the 90th percentile. Interestingly, the highest and lowest median tax bills are both $1,343 in the 83647 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to manage the tax burden effectively.
Property Tax Assessment Values Across Mountain Home, Elmore County, Idaho
Source: Ownwell
$118,743
$204,885
$291,026
Average Mountain Home Assessed Value
$291,026
Average Elmore County Assessed Value
$276,790
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mountain Home, Elmore County, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83647 | $5,542 | $169,654 | $291,026 | $371,914 | $486,782 |
Source: Ownwell
Property Tax Bills Across Mountain Home, Elmore County, Idaho
In Mountain Home, Elmore County, ID, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and is meant to reflect the market value of the property. Homeowners in Mountain Home can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is $634, while the 75th percentile reaches $1951, and the 90th percentile can go up to $2768. These tax bills are influenced by factors such as property size, location, and any applicable exemptions. The median home price in Mountain Home is $291,026, which provides a benchmark for understanding these tax variations. Compared to the national median property tax rate of 0.99%, Mountain Home's property taxes can be seen as relatively moderate. Homeowners need to be aware of these factors as they directly impact their annual financial obligations and the overall affordability of owning property in the region.
Average Mountain Home Tax Bill
$1,343
Average Elmore County Tax Bill
$1,251
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Mountain Home, Elmore County, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83647 | $95 | $634 | $1,343 | $1,951 | $2,768 |
Source: Ownwell