Craigmont, Idaho Property Taxes
The median property tax rate in Craigmont, Idaho 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 Craigmont at $219,806, the typical annual property tax bill is $770, which is well below the national median of $2,690. Property taxes in Craigmont 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 Craigmont'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 Craigmont 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
Craigmont, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.35%
Estimate Property Tax Bill
$769
Ownwell’s Craigmont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Craigmont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Craigmont 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 Craigmont, Idaho
Property taxes in Craigmont, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Craigmont is 0.35%, which is significantly lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Craigmont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Craigmont 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 Craigmont's effective property tax rate to other counties in Idaho and the national median. For comparison, the highest median property tax rate in Idaho is found in a different region, while another area holds the lowest median tax rate. Understanding how these cities compare with Craigmont provides valuable insights into the varying tax landscape across Idaho County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Craigmont Tax Rate
0.35%
Average Idaho County Tax Rate
0.27%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Craigmont, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83523 | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
Source: Ownwell
Property Tax Assessment Values Across Craigmont, Idaho
In Craigmont, 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 Idaho 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 Craigmont, 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 Craigmont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 83523 has both the highest and lowest median tax bills, each at $770.
Average Craigmont Assessed Value
$219,806
Average Idaho County Assessed Value
$208,696
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Craigmont, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83523 | $219,806 | $219,806 | $219,806 | $219,806 | $219,806 |
Source: Ownwell
Property Tax Bills Across Craigmont, Idaho
In Craigmont, located in Idaho County, 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 reflects the market value of the property. Homeowners in Craigmont can expect a median home price of $219,806. The property tax rate in Craigmont is relatively low compared to the national median property tax rate of 0.99%. This is reflected in the consistent tax bills across different percentiles. For instance, the tax bill at the 25th, 75th, and 90th percentiles all stand at $770. This uniformity suggests a stable tax environment, making it easier for homeowners to predict their annual expenses. For residents, this means that regardless of slight fluctuations in property values, the tax burden remains manageable. This stability can be a significant factor for potential homeowners considering a move to Craigmont, as it provides a clear picture of ongoing costs.
Average Craigmont Tax Bill
$770
Average Idaho County Tax Bill
$670
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Craigmont, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83523 | $770 | $770 | $770 | $770 | $770 |
Source: Ownwell