Jerome, Gooding County, Idaho Property Taxes
The median property tax rate in Jerome, ID is 0.35%, significantly lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Jerome, the typical annual property tax bill amounts to $1,145, which is well below the national median of $2,690. Property taxes in Jerome 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 Jerome'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 Jerome 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
Jerome, Gooding County, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.35%
Estimate Property Tax Bill
$737
$684
Ownwell’s Jerome Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jerome with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jerome 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 Jerome, Gooding County, Idaho
Property taxes in Jerome, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jerome is 0.84%, significantly higher than the Idaho state median of 0.69% and the U.S. national median of 0.99%. Local government entities within Jerome set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jerome 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 Jerome's effective property tax rate to other counties in Idaho and the national median. For comparison, the 83338 zip code has the highest median property tax rate of 1.04%, while the 83330 zip code has the lowest median tax rate of 0.63%. Understanding how these cities compare with Jerome provides valuable insights into the varying tax landscape across Gooding County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jerome Tax Rate
0.35%
Average Gooding County Tax Rate
0.43%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jerome, Gooding County, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83338 | 0.29% | 0.31% | 0.35% | 0.41% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Jerome, Gooding County, Idaho
In Jerome, 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 Gooding 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. Assessment notices in Jerome 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 Jerome 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 is 83338, both at $1145.
Property Tax Assessment Values Across Jerome, Gooding County, Idaho
Source: Ownwell
$175,933
$333,951
$491,968
Average Jerome Assessed Value
$210,667
Average Gooding County Assessed Value
$220,136
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jerome, Gooding County, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83338 | $5,000 | $32,563 | $210,667 | $337,772 | $419,024 |
Source: Ownwell
Property Tax Bills Across Jerome, Gooding County, Idaho
In Jerome, property tax bills are determined by a combination of the assessed value of the property and the local tax rate set by various taxing authorities. The assessed value is an estimate of the property's market value, and this figure is then multiplied by the local tax rate to calculate the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, impacting the final tax amount. For homeowners in Jerome, the median home price is $210,667. The property tax bills vary significantly, with the 25th percentile at $739 and the 75th percentile at $1,565, while those in the 90th percentile pay around $1,883. Compared to the national median property tax rate of 0.99%, Jerome's tax rates can create a range of financial obligations for homeowners. Understanding these factors is crucial for homeowners to anticipate their annual expenses and manage their budgets effectively.
Average Jerome Tax Bill
$1,145
Average Gooding County Tax Bill
$1,104
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Jerome, Gooding County, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83338 | $597 | $739 | $1,145 | $1,565 | $1,883 |
Source: Ownwell