Elk City, Idaho Property Taxes
The median property tax rate in Elk City, Idaho is 0.36%, significantly lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Elk City at $165,299, the typical annual property tax bill is $593, well below the national median of $2,690. Property taxes in Elk City are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Elk City'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 Elk City 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
Elk City, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.36%
Estimate Property Tax Bill
$595
Ownwell’s Elk City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elk City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elk City 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 Elk City, Idaho
Property taxes in Elk City, Idaho, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elk City is 0.36%, significantly lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Elk City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elk City 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 Elk City'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 in zip code 83714, with a rate of 0.98%, while the lowest median tax rate is in zip code 83201, with a rate of 0.28%. Understanding how these cities compare with Elk City 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 Elk City Tax Rate
0.36%
Average Idaho County Tax Rate
0.27%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elk City, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83525 | 0.22% | 0.27% | 0.36% | 0.44% | 0.54% |
Source: Ownwell
Property Tax Assessment Values Across Elk City, Idaho
In Elk City, 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 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 Elk City, 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 Elk City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Elk City is $165,299, with the highest and lowest median tax bill both being $593 in the zip code 83525.
Average Elk City Assessed Value
$165,299
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 Elk City, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83525 | $45,194 | $89,230 | $165,299 | $236,749 | $338,432 |
Source: Ownwell
Property Tax Bills Across Elk City, Idaho
In Elk City, Idaho, property tax bills are determined by assessing the value of a property and applying the appropriate tax rate. The assessed value is a percentage of the property's market value, which is determined by county assessors. Homeowners in Elk City can expect their tax bills to vary based on the specific valuation of their property and the local tax rate set by Idaho County. For instance, the median home price in Elk City is $165,299. Property tax bills can range significantly, with the 25th percentile at $432 and the 75th percentile reaching $765. The top 10% of tax bills can be as high as $964. These figures illustrate how property taxes can impact homeowners differently, depending on their property's assessed value. In comparison to the national median property tax rate of 0.99%, Elk City's tax bills are relatively moderate, providing some financial relief to homeowners. However, understanding how these taxes are calculated is crucial for budgeting and financial planning.
Average Elk City Tax Bill
$593
Average Idaho County Tax Bill
$670
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Elk City, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83525 | $257 | $432 | $593 | $765 | $964 |
Source: Ownwell