Jerome, Idaho Property Taxes
The median property tax rate in Jerome, ID is 0.79%, which is lower than the national median of 0.99% but higher than the Idaho state median of 0.50%. With the median home value in Jerome at $187,855, the typical annual property tax bill reaches $1,536, which is below the national median of $2,690. Property taxes in Jerome are calculated based on the tax assessed value, often lower than the market value due to 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, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$1,484
$1,377
Ownwell’s Jerome Property Tax Bill Calculator assists homeowners, real estate investors, and prospective buyers in estimating 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 provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more granular insights, you can scroll down to find localized information at the neighborhood level. Your property’s assessed value is the value assigned by the county for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Jerome, Idaho
Property taxes in Jerome, Idaho, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jerome is 0.79%, which is lower than 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 areas and the national median. For comparison, the zip code 83338 has the highest median property tax rate of 0.79%, while the same zip code also has the lowest median tax rate of 0.79%. Understanding how these areas compare with Jerome provides valuable insights into the varying tax landscape across Jerome County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jerome Tax Rate
0.79%
Average Jerome County Tax Rate
0.79%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jerome, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83338 | 0.52% | 0.62% | 0.79% | 1.12% | 1.92% |
Source: Ownwell
Property Tax Assessment Values Across Jerome, 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 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 Jerome, 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 Jerome helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Jerome is $1,536, found in the 83338 zip code, while the lowest median tax bill is also $1,536 in the same zip code.
Average Jerome Assessed Value
$187,855
Average Jerome County Assessed Value
$180,486
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jerome, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83338 | $26,675 | $113,638 | $187,855 | $286,375 | $392,316 |
Source: Ownwell
Property Tax Bills Across Jerome, Idaho
In Jerome, Idaho, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. For instance, with a median home price of $187,855, homeowners can expect varying tax bills depending on the specific assessed value of their property and the local tax rate. The tax bill is influenced by factors such as property improvements, neighborhood developments, and changes in the market. Homeowners in Jerome typically see tax bills ranging from $864 at the 25th percentile to $3,131 at the 90th percentile, with the highest median tax bill recorded at $1,536. This range reflects the diverse property values and local tax rates within the county. Compared to the national median property tax rate of 0.99%, Jerome's tax rates can have a significant impact on homeowners' annual expenses, influencing their overall cost of living and financial planning.
Average Jerome Tax Bill
$1,536
Average Jerome County Tax Bill
$1,457
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Jerome, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83338 | $240 | $864 | $1,536 | $2,358 | $3,131 |
Source: Ownwell