Preston, Idaho Property Taxes
The median property tax rate in Preston, Idaho is 0.44%, significantly lower than both the national median of 0.99% and the Idaho state median of 0.50%. With a median home value of $322,820 in Preston, the typical annual property tax bill amounts to $1,427, which is well below the national median of $2,690. Property taxes in Preston are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Preston'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 Preston 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
Preston, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.44%
Estimate Property Tax Bill
$1,420
Ownwell’s Preston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Preston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Preston 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 Preston, Idaho
Property taxes in Preston, Idaho, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Preston is 0.44%, which is significantly lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Preston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Preston 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 Preston's effective property tax rate to other counties in Idaho and the national median. For comparison, the 83263 zip code has both the highest and lowest median property tax rate of 0.44%. Understanding how these cities compare with Preston provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Preston Tax Rate
0.44%
Average Franklin County Tax Rate
0.43%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Preston, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83263 | 0.35% | 0.37% | 0.44% | 0.51% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Preston, Idaho
In Preston, 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 Franklin 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 Preston, 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 Preston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Preston is 83263, with a median tax bill of $1427.
Average Preston Assessed Value
$322,820
Average Franklin County Assessed Value
$317,415
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Preston, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83263 | $167,767 | $242,061 | $322,820 | $411,121 | $512,926 |
Source: Ownwell
Property Tax Bills Across Preston, Idaho
In Preston, property tax bills are calculated based on the assessed value of a home, which is determined by the Franklin County Assessor's Office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $322,820, homeowners in Preston can expect their property tax bills to vary. The 25th percentile tax bill is around $1,003, while the 75th percentile tax bill reaches approximately $1,921. The 90th percentile tax bill can go up to $2,463. These figures show that Preston's property tax rates can significantly impact homeowners, depending on the assessed value of their property. Notably, the highest and lowest median tax bills in the area are both $1,427, indicating a consistent tax rate within the zip code 83263. This local rate can be compared to the national median property tax rate of 0.99%, giving homeowners a perspective on how their local taxes stack up against the broader national landscape.
Average Preston Tax Bill
$1,427
Average Franklin County Tax Bill
$1,363
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Preston, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83263 | $691 | $1,003 | $1,427 | $1,921 | $2,463 |
Source: Ownwell