Lolo, Idaho Property Taxes
The median property tax rate in LOLO, ID is 0.14%, significantly lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in LOLO, the typical annual property tax bill reaches $516, far below the national median of $2,690. Property taxes in LOLO 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 LOLO'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 LOLO 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
Lolo, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.14%
Estimate Property Tax Bill
$519
Ownwell’s LOLO Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LOLO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LOLO 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 Lolo, Idaho
Property taxes in LOLO, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in LOLO is 0.14%, significantly lower than both the Idaho state median of 0.69% and the U.S. national median of 0.99%. Local government entities within LOLO set these rates annually, and they can vary significantly across different neighborhoods. Each year, LOLO 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 LOLO's effective property tax rate to other counties in Idaho and the national median. Understanding how these cities compare with LOLO provides valuable insights into the varying tax landscape across Idaho, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lolo Tax Rate
0.14%
Average Idaho County Tax Rate
0.27%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lolo, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59847 | 0.14% | 0.14% | 0.14% | 0.14% | 0.14% |
Source: Ownwell
Property Tax Assessment Values Across Lolo, Idaho
In LOLO, 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 local 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 LOLO, 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. For instance, the highest median tax bill in LOLO is $516 in the 59847 zip code, which is also the lowest median tax bill. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lolo Assessed Value
$370,522
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 Lolo, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59847 | $370,522 | $370,522 | $370,522 | $370,522 | $370,522 |
Source: Ownwell
Property Tax Bills Across Lolo, Idaho
Property tax bills in Lolo, located in Idaho County, ID, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. In Lolo, the median home price is $370,522, and the property tax rate is considerably lower than the national median of 0.99%. Several factors influence the property tax bill, including property size, location, and any applicable exemptions or deductions. Homeowners in Lolo typically see a tax bill around $516, which remains consistent across various percentiles, indicating a stable tax environment. This relatively low and predictable tax bill can make homeownership more affordable and attractive in Lolo compared to other regions with higher property taxes. Understanding these factors can help homeowners better anticipate their annual expenses and manage their budgets effectively.
Average Lolo Tax Bill
$516
Average Idaho County Tax Bill
$670
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Lolo, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59847 | $516 | $516 | $516 | $516 | $516 |
Source: Ownwell