Thatcher, Idaho Property Taxes
The median property tax rate in Thatcher, Idaho is 0.44%, considerably lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Thatcher at $317,254, the typical annual property tax bill reaches $1,554, which is significantly below the national median of $2,690. Property taxes in Thatcher are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Thatcher'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 Thatcher 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
Thatcher, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.44%
Estimate Property Tax Bill
$1,396
$1,295
Ownwell’s Thatcher Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thatcher with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thatcher 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 Thatcher, Idaho
Property taxes in Thatcher, Idaho, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Thatcher is 0.44%, significantly lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Thatcher set these rates annually, and they can vary across different neighborhoods. Each year, Thatcher 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 Thatcher's effective property tax rate to other counties in Idaho and the national median. For comparison, the zip code 83283 has both the highest and lowest median property tax rate of 0.44%. Understanding how these cities compare with Thatcher 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 Thatcher 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 Thatcher, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83283 | 0.37% | 0.40% | 0.44% | 0.46% | 0.71% |
Source: Ownwell
Property Tax Assessment Values Across Thatcher, Idaho
In Thatcher, 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 Thatcher, 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. For instance, the median home price in Thatcher is $317,254, with tax bills ranging from $1,078 at the 25th percentile to $2,640 at the 90th percentile. 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 Thatcher helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Thatcher Assessed Value
$317,254
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 Thatcher, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83283 | $230,231 | $255,074 | $317,254 | $430,918 | $551,232 |
Source: Ownwell
Property Tax Bills Across Thatcher, Idaho
In Thatcher, property tax bills are calculated based on the assessed value of a home, which is determined by the Franklin County assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, the median home price in Thatcher is $317,254. Homeowners in the 25th percentile can expect a tax bill around $1,078, while those in the 75th percentile may see bills closer to $2,193. Several factors influence these tax bills, including property size, location, and any applicable exemptions. The highest median tax bill in the area is $1,554, which is significantly lower than the national median property tax rate of 0.99%. This relatively low tax burden can make homeownership in Thatcher more affordable compared to other regions. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Thatcher Tax Bill
$1,554
Average Franklin County Tax Bill
$1,363
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Thatcher, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83283 | $908 | $1,078 | $1,554 | $2,193 | $2,640 |
Source: Ownwell